Transener Holds New York Meetings Today

Argentine utility Transener will meet investors in New York today after visiting accounts in Boston yesterday as it looks to market a new 2021 that is part of a debt exchange and buyback of its existing 2016s. The borrower is looking to pay a nominal annual rate of 9.75% on an up to $148.6m issue, with books on the trade open until July 25, according to a local regulatory filing. Investors can exchange the existing bonds for the new 2021s par for par, and receive an extra $30 for each $1,000 if tenders are submitted by the early bird date of July 25. Alternatively, they can cash in the existing bonds and receive $910 for each $1,000 in principal, plus another $90 in early bird premiums. The company is also seeking consents to amend terms and conditions on the outstanding bonds. The final size of the issue could be higher depending on the success of the liability management operation, but it cannot exceed the $300m ceiling set by the program. The exchange offer expires on August 9. The 2016s were originally issued in 2006 with a $220m size and priced at par to yield 8.875%. Citigroup and Deutsche Bank led that transaction and are also acting as leads on this occasion.