Transener Prints New 2021

Argentine utility Transener has priced its new 9.75% 2021 at 95.405 to yield 10.5%, helping it raise $53.1m in cash to help fund a buyback of its existing 2016s. At the same time, it has issued another $46.9m in new 2021s, which were exchanged existing debt. Investors were allowed to swap outstanding 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 could 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 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.