TGS Sees Healthy Take-up

Transportadora de Gas del Sur (TGS), the Argentine gas transmission company, says just over 70% of its creditors have taken up its offer, launched earlier this month, to buy back its 2010 and 2013 bonds. The bonds were originally issued in connection with the company’s debt restructuring in 2004 when it exchanged just over $1bn in debt for the new bonds. The company expects to spend up to $424 million to repurchase the debt which it will fund with a $500 million bond issue on June 15. The buyback offer expires on May 7; the early deadline was April 23.