Argentinian energy company YPF inched closer to concluding its debt exchange as bondholders accepted its latest restructuring offer for its bonds worth $6.2bn, calling it a balanced solution and appropriate treatment for YPF’s 8.5% 2021s. The 2021s has been a source of contention with the set of investors owning more than 45% of YPF’s bonds maturing in March, who did not support the offer of swapping their 8.5% 2021s for cash and new 2026s. As per the third round of amendments, YPF increased the amount of cash paid for swapping a bond maturing in March for new 2026s before the early February 10 deadline. For each $1,000 of the old notes tendered, YPF will pay $699 in principal amount of the new 2026s and $408 in cash. Those who accept after the deadline will receive $824 in principal of the new 2026s and $283 in cash. YPF wants to seal the offer by February 12. The bookrunners for the offer are Citi, Santander, HSBC and Itaú BBA.
YPF’s dollar bonds rallied 4-6% across the board on the news with its 8.5% 2025s and 8.5% 2021s leading the pack, up 6.6% and 6.3% to trade at 73.83 and 96.65 respectively.
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