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MetroGas extends APE solicitation to Dec. 27
By Caroline Salls
Pittsburgh, Dec. 21 - MetroGas SA extended its solicitation of consents to restructure its debt under its acuerdo preventivo extrajudicial, a restructuring agreement or a combination of the two until 5 p.m. ET on Dec. 27, according to a company news release.
The solicitation previously ended at 5 p.m. ET on Dec. 20.
As of the old deadline, the company received consent from holders of $325.4 million of its debt.
The offer applies to the holders of MetroGas' 9 7/8% series A notes due 2003, 7 3/8% series B notes due 2002 and series C floating-rate notes due 2004 as well as the holders of its existing bank debt.
The APE solicitation is subject to various conditions, including the approval of liquidation agent JPMorgan Chase Bank and receipt of powers of attorney from and execution of support agreements by holders of at least 66 2/3% of the debt.
Holders can choose either a cash option or an exchange option.
Under the cash option, holders will receive cash at the rate of $750.00 per $1,000 of debt.
The Buenos Aires company will only buy up to the equivalent of $160 million principal amount under the cash option. Any excess will be reallocated pro rata to the exchange option.
Under the exchange option, holders can exchange their debt for 8% dollar-denominated series 1 notes due Dec. 31, 2014 at an amount of 100% of their debt or for 3% series 2 notes due Dec. 31, 2014, which can be dollar-, euro- or peso-denominated, at an amount of 105% of the debt.
The 3% notes will step up to 8% after eight years.
The agent is JPMorgan Chase Bank (212 623-5136 or 212 623-6216) for international investors and JPMorgan Chase Bank, Sucursal Buenos Aires (4348-3475/4325-8046) in Argentina.
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