TGN Workout Gets CCC

TGN Workout Gets CCC

Corporate & Sovereign Strategy

Fitch has assigned Transportadora Gas del Norte's $247.3m exchange offer a CCC rating, it says. In the exchange, $247.3m in new 7-year notes are being offered to existing holders as part of its plan to restructure $347.3m in debt. It is offering investors new 2016 bonds paying 6.50% rising to 8.50% over the life of the notes, or a cash payout of 40 cents on the dollar for up to $40m. TGN’s total debt would be lowered by $100m through the offer, Fitch says, with short-term debt service significan

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