CGC looks to swap notes after cancelling buyback

CGC looks to swap notes after cancelling buyback

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Energy Argentina

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

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