TGN Sweetens Exchange Offer

TGN Sweetens Exchange Offer

Corporate & Sovereign Strategy

Argentina’s Transportadora de Gas del Norte is offering investors more cash and less tenor in a new restructuring offer replacing the one launched in April. The company is now offering new 2016 bonds paying an interest rate of 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. Previously, the company offered 2021s paying 2%-6% or a payout of 25 cents on the dollar for up to $30m. The new offer expires October 7, TGN says, though the previ

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