Central Termica Guemes to issue $34.84 million 10.5% notes under exchange offer

By Caroline Salls

Pittsburgh, July 19 - Central Termica Guemes SA's board of directors has approved the issuance of $34.84 million 10.5% notes due Sept. 11, 2017 under an exchange offer, according to a company release.

The notes are being issued as part of an exchange offer for the company's $31.67 million of 2% series A notes due 2013 and $21.93 million of 2% series B notes due 2013, which launched on June 13, the release said.

Old noteholders will receive new notes or cash in exchange for their notes.

Specifically, noteholders can elect to receive either $650 in new notes per $1,000 principal amount of old notes or $650 in cash per $1,000 principal amount of old notes.

The exchange offer expires at 5 p.m. ET on July 20.

The Bank of New York is the principal agent for the exchange offer and new notes.

As of July 6, the company received acceptances from holders of $25.19 million of the existing notes, with $11.07 million of those noteholders opting for the cash option and $14.12 million for the new notes.

The new notes will include an optional recall, and they have not been rated.

The issuer is a Salta, Argentina, operator of electric generating power stations.

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