Ausol Extends Restructuring Offer

Autopsitas del Sol has extended its debt exchange offer to March 3 from February 10, and notes it has received acceptance from holders of $98m, or 31.9% of its total $306m debt. The toll-road operator is looking to extend maturities in the restructuring, offering holders of 3.50% of 2014 bonds (which step up to 5.0% this year) and holders of 11.5% of 2017 bonds the choice of new 2015 peso denominated floating-rate bonds, new 2020 step-up notes, both in a par exchange, or $400 cash for $1,000 principal. Accepting holders choosing new bonds then also have the additional option of exchanging new notes obtained at par for new 2017 bonds at a 10% discount. Barclays is managing the process.