PacRu Tops $336m in Tender

Creditors holding $336.4m of $450m in outstanding Pacific Rubiales 8.75% 2016 bonds have agreed to exchange them for newly issued 7.25% NC5 2021s following the close of the early subscription period. The Canada-based Colombian oil producer has also extended the expiration date on the offer by another day to January 3. Pacific Rubiales is offering new 7.25% NC5 2021s identical to those sold for cash in a $300m offering earlier this month. Holders tendering before the December 16 early deadline get $1,150 in new bonds per $1,000 tendered, but will only receive $1,120 thereafter. Bank of America Merrill Lynch managed the new issue and is also managing the exchange offer.