UPDATE 2-Argentina eyes return to market with planned $11.68 bln debt sale

viernes 4 de marzo de 2016 17:48 GYT

(Adds statement from court mediator)

By Gabriel Burin

BUENOS AIRES, March 4 (Reuters) - Argentina plans to return to international credit markets in April with three bonds sales totaling $11.68 billion under U.S. law if Congress swiftly approves a debt deal for holdout creditors, top finance ministry officials told Congress on Friday.

Finance Minister Alfonso Prat-Gay said the bonds, which will be used to finance the payouts to investors holding unpaid debt stemming from the country's 2002 default, would carry maturities of five, ten and thirty years.

Prat-Gay and his deputy, Luis Caputo, on Friday presented a package of debt agreements brokered with creditors, including a $4.65 billion cash payout to the main holdouts suing in a Manhattan court led by billionaire Paul Singer.

Argentina has now reached provisional settlements with about 85 percent of bondholders and says negotiations continue with the rest.

"If the deal extends to all holdout investors, the bond issue will be for $11.684 billion. That's what we need to close this chapter definitively," Prat-Gay said.

The debate in Congress is the first major political test of President Mauricio Macri's ability to garner cross-party support for his economic reform package, the success of which hinges on ending the festering 14-year debt battle.

Legislators will also be asked to repeal two laws blocking settlement of the debt case.   Continuación...