August 10, 2020 |
Argentine oil producer Compañía General de Combustibles (CGC) on Thursday offered to exchange 2021 notes for new bonds that mature in 2025, less than a week after terminating an offer to repurchase the outstanding notes.
CGC said it could issue up to $285 million in new 9.5% 2025 notes for $300 million worth of 9.5% 2021s, offering $950 in new notes for every $1,000 in outstanding bonds. The 2021 bonds traded for 83.75 on Friday to yield 25.5%, according to data provider Refinitiv.
CGC will also
Argentine oil producer seeks to exchange $300 mln worth of 2021 bonds for 2025 notes