Argentina's IRSA targets US$420m debt buyback
By Paul Kilby
NEW YORK, March 4 (IFR) - Argentine real estate company IRSA has launched a tender to buy back up to US$420m of its outstanding bonds.
IRSA is tendering for all the US$150m of outstanding 8.5% 2017s and all of the US$120m of 7.875% 2017s.
It is also targeting up to US$76.5m of the 11.5% 2020s, with an option to increase that amount by US$73.5m.
Holders who tender by the early bird date of March 16 will receive a price of 111.00 on the 2020s, 100.50 on the 8.5% 2017s and 100.45 on the 7.875% 2017s.
This includes an early bird premium of US$30 as well as a consent payment of US$10 on the 11.50% 2020s.
Citigroup and JP Morgan are acting as solicitation agents and dealer managers.
This come after the IRSA board approved the issuance of up to US$470m of debt, according to a filing with local regulators.
The company was last in the international capital markets in 2010, when it issued the 2020s. Citigroup, Itau and Santander acted as leads on that occasion. (Reporting by Paul Kilby; Editing by Marc Carnegie)
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