May 23, 2022 |
SCC Power, a UK-based company, said it acquired four power plants in Argentina from Stoneway Capital Corp, a Canada-based company that fell into bankruptcy after talks faltered with bondholders to restructure its 10% $500 million 2027 bonds.
The acquisition was part of Stoneway's Chapter 11 plan that took effect on May 17, SCC Power said in a press release.
As part of the acquisition, SCC Power said it will issue $17.9 million in 6% notes and $310 million in 8% notes — both due in 2028 — and $20
UK-based company picks up four units in bond-funded deal