PacRu Launches Exchange Offer

Pacific Rubiales has launched an offer to exchange any and all of its outstanding 8.75% 2016 bonds for new 7.25% 2021s. Holders will receive $1,150 cash per $1,000 principal if they accept by the December 16 earlybird date, and $1,120 thereafter. The new notes are the same as those issued Monday through the sale of $300m in 10-year NC5s that were priced at par to yield 7.25%. Bank of America Merrill Lynch managed the new issue and is also managing the exchange offer.