Telecom ends up short in buyback

Telecom ends up short in buyback

Bonds Debt Capital Markets Fixed Income Telecoms Argentina US

Telecom Argentina said it has wrapped a bond buyback and agreed to repurchase $34.1m in 6.5% 2021 notes, far short of the $250m target.

The telecommunications company had received $30.4m in 2021 notes by the early deadline on July 23, so it extended the final deadline to August 9 from August 6. It offered the same terms — $997.50 for every $1,000 in principal — but bondholders only tendered another $3.77m in outstanding notes, Telecom said in a statement.

Telecom sold $400m in new notes at 8% in mid-July to fund the buyback, led by Citi, HSBC, JPMorgan and Santander. The same banks were the dealer managers on the buyback.



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