TGS gets two-thirds take-up in bond swap to lengthen curve

TGS gets two-thirds take-up in bond swap to lengthen curve

Bonds

Investors tendered nearly $248.7m of a 2017 bond from Argentine natural gas operator Transportadora de Gas del Sur (TGS) in a par exchange offer to extend the borrower’s maturity profile. The B3/B-/B- rated borrower announced the results on Monday, after the early participation deadline closed on Friday. The firm is swapping the 7.875% bond for a new 9.625% 2020 note. The tendered paper comes to 66.49% of the outstanding amount on the bond, which was $500m in size when it was first issued. Holde

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