PCR swaps dollar bonds, gets loans

PCR swaps dollar bonds, gets loans

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Argentina Latin America

Argentine energy and cement producer Petroquímica Comodoro Rivadavia (PCR) said Monday that it has swapped 92.7% of a $37 million dollar-denominated note that matures in February for a new two-year bond and secured fresh financing in the local market as capital controls restrict access to the US currency. In the swap, PCR, the 10th largest oil producer in Argentina, said investors holding $34.3 million worth of the old 9% bonds accepted one of the two options in the offer. Those with $15.4 milli

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