IRSA sees US$214m of bonds tendered in buyback

lunes 4 de abril de 2016 14:17 GYT
 

By Paul Kilby

NEW YORK, April 4 (IFR) - Argentine real estate firm IRSA saw about US$214m of bonds successfully tendered in a liability management operation, according to a local filing.

The company agreed to buy back US$78.563m of its 11.50% 2020s, US$75.446m of the 8.50% 2017s and US$59.504m of the 7.875% 2017s.

IRSA had tendered for all the US$150m of outstanding 8.5% 2017s and all the US$120m of 7.875% 2017s.

It also targeted up to US$76.5m of the 11.5% 2020s, with an option to increase that by US$73.5m.

Holders who tendered by March 16 were eligible for a price of 111.00 on the 2020s, 100.50 on the 8.5% 2017s and 100.45 on the 7.875% 2017s.

This included an early bird premium of US$30 as well as a consent payment of US$10 on the 2020s.

IRSA has already received consents from a majority of 2020 holders to make amendments to the bond's indenture.

It scheduled a call with holders of the 8.5% 2017s for April 7 to approve amendments on those notes, but has cancelled a meeting for holders of the 7.875% notes issued by IRSA CP as it doesn't expect a quorum to be present.

Citigroup and JP Morgan were solicitation agents and dealer managers on the liability management transaction.

The same banks led a US$360m seven-year non-call four bond that was priced to yield 9% in March and helped fund the tender. (Reporting by Paul Kilby; Editing by Marc Carnegie)