CGC maxes out bond sale

CGC maxes out bond sale

Corporate & Sovereign Strategy Bonds Debt Fixed Income Credit Ratings Argentina Gas Oil Capital Markets

Compañía General de Combustibles (CGC), the fifth-biggest oil producer and seventh for natural gas in Argentina, said Monday that it maxed out a two-part bond sale, picking up $140 million to finance projects to boost gas output in Patagonia and pay down debt. CGC began the offer $80 million for the dollar-linked bonds, which are bought and paid back in pesos at the official wholesale exchange rate. But after orders came in for $181 million, it increased the sale to the maximum, according to a s

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