Transportadora de Gas del Sur opens exchange offer

Transportadora de Gas del Sur opens exchange offer

Bonds

Argentine natural gas operator Transportadora de Gas del Sur is lengthening its maturity curve with a bond swap at par into a new instrument with a longer tenor. The B3/B-/B- rated borrower has opened an exchange offer on its 7.85% $500m 2017, of which $374m is outstanding, and which begins annual amortizations in May this year. It is offering to swap that instrument at par into a new 2020 note, with a 9.625% coupon. A quarter of the new bond will amortize in May this year, with the remainder am

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