TGN Issues $200m in Bonds

TGN Issues $200m in Bonds

Argentina Corporate & Sovereign Strategy

Transportadora de Gas del Norte (TGN) has issued $200m in two new series of bonds following an exchange offer to holders closed earlier this month. The Argentine gas pipeline operator has issued $150m in 2019 step-up notes – paying 3.5% through the first two years, 7.0% through the second two years and 9.0% during the remainder – and $50m in claim protection notes, which pay no coupon and are due 2013 barring a credit event. TGN received acceptance from $304m, or 88%, of bond holders, barely mee

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