By Christine Van Dusen
Atlanta, July 15 – Petrobras Argentina SA priced $500 million of notes due in 2023 to yield 7˝%, a market source said.
The notes were issued concurrently with a tender offer for the company’s 5 7/8% series S notes due 2017 until 11:59 p.m. ET on Aug. 2, according to a company announcement.
The total purchase price will be $1,041.25 for each $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on July 19. The total amount includes an early tender premium of $30.00 per $1,000 principal amount.
Holders who tender after the early deadline will receive the base tender payment of $1,011.25 per $1,000 of notes.
The company also will pay accrued interest to but excluding the settlement date.
The offer is contingent upon the closing of a concurrent offering; however, the concurrent offering is not conditioned on completion of the offer. The offer does not require any minimum principal amount of notes being tendered.
Tendered notes may be withdrawn before the early tender deadline.
Citigroup Global Markets and Deutsche Bank Securities are the dealer managers.
Other details on the new issue were not immediately available on Friday.
Petrobras Argentina SA, formerly Petrobras Energia SA, is a Buenos Aires-based energy company.
| Issuer: | Petrobras Argentina SA
|
| Amount: | $500 million
|
| Maturity: | 2023
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Deutsche Bank
|
| Yield: | 7˝%
|
| Trade date: | July 14
|
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