TGN Closes Debt Swap

Argentine gas distributor Transportadora Gas del Norte (TGN) has closed its $664 million debt swap program, with uptake of 99.94%, according to the company. TGN said that participating creditors included the International Finance Corporation (IFC), ING Group and hedge funds D.E. Shaw and Stark Investments. The company offered a combination of bonds, stocks and cash payments ($52.4 million), with the new stock representing 20% of the company, and the bonds (two series) maturing in 2012 carrying annual interest rates of 6% and 7%. TGN’s shareholders include Argentine industrial conglomerate Techint, Total of France and CMS Energy Corporation.