Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond

Canje de deuda de YPF: la petrolera consiguió la adhesión del 60% de los tenedores del bono 2021 y evitará el default

La empresa anunció el resultado exitoso de la renegociación de parte sus pasivos. Se logró además un nivel de participación de la totalidad de bonos cercana al 32%, con nuevos títulos al 2026, 2029 y 2033 por unos USD 2.100 millones

Por Sebastián Catalano
11 de Febrero de 2021
[email protected]





YPF concluyó exitosamente su canje de deuda obteniendo la participación del 60% de los tenedores del bono 2021, según pudo saber Infobae esta mañana. El plazo venció hoy a las 00 de Estados Unidos.

YPF tenía un horizonte cercano de incumplimiento con un vencimiento por 413 millones de dólares en marzo.

“Habiendo concluido el período de participación temprana para los tenedores del bono 2021 y la oferta de canje para el resto de los bonos elegibles, YPF alcanzó un nivel de participación del bono corto de 60% y de la totalidad de bonos cercana al 32%, resultando en la emisión de nuevos títulos al 2026, 2029 y 2033 por aproximadamente 2.100 millones de dólares”, destacaron allegados a la negociación.

(...)

 
YPF Sociedad Anónima Announces Results of its Exchange Offer and Consent Solicitation

YPF Sociedad Anónima
Feb 11, 2021, 08:16 ET






BUENOS AIRES, Argentina, Feb. 11, 2021 /PRNewswire/ -- YPF S.A. ("YPF" or the "Company") announced today the results of its Exchange Offers and Consent Solicitation made pursuant to exchange offer and consent solicitation memorandum dated January 7, 2021, as most recently amended on February 7, 2021 (the "Exchange Offer and Consent Solicitation Memorandum"). Capitalized terms not defined herein shall have the meaning ascribed to them in the Exchange Offer and Consent Solicitation Memorandum.

The 2021 Old Notes Early Participation Deadline and the Expiration Time with respect to the Exchange Offers corresponding to the 2024 Old Notes, March 2025 Old Notes, July 2025 Old Notes, 2027 Old Notes, 2029 Old Notes and 2047 Old Notes was 11:59 p.m., New York City time, on February 10, 2021. Pursuant to the Exchange Offer and Consent Solicitation Memorandum, Eligible Holders of Old Notes were required to validly tender and not validly withdraw their Old Notes prior to or at such time and date to be eligible to receive the Exchange Consideration or 2021 Old Notes Early Exchange Consideration, as applicable.

Based on information provided by D.F. King & Co., Inc. ("D.F. King"), the exchange agent and information agent for the Exchange Offers and Consent Solicitation, tender instructions and Proxies relating to the Old Notes in the amounts set forth in Table 1 below were validly delivered and not validly withdrawn prior to or at 11:59 p.m., New York City time, on February 10, 2021. YPF has accepted all valid tender instructions and Proxies delivered pursuant to the Exchange Offers and Consent Solicitation.

Table 1

Title of Old Notes(1)CUSIPs and ISINs
(144A and Reg S)
Aggregate Principal Amount
Tendered
Percentage of Aggregate Principal
Amount Outstanding Tendered
2021 Old Notes984245AM2 / US984245AM20
P989MJBG5 / USP989MJBG51
US$ 246,735,00059.79%
2024 Old Notes984245AK6 / US984245AK63
P989MJAY7 / USP989MJAY76
US$ 656,382,38243.12%
March 2025 Old Notes984245AT7 / US984245AT72
P989MJBQ3 / USP989MJBQ34
US$ 201,667,13837.15%
July 2025 Old Notes984245AL4 / US984245AL47
P989MJBE0 / USP989MJBE04
US$ 368,228,99824.55%
2027 Old Notes984245AQ3 / US984245AQ34
P989MJBL4 / USP989MJBL47
US$ 190,697,00019.07%
2029 Old Notes984245AS9 / US984245AS99
P989MJBP5 / USP989MJBP50
US$ 101,028,00020.21%
2047 Old Notes984245AR1 / US984245AR17
P989MJBN0 / USP989MJBN03
US$ 213,387,50028.45%

The Old Notes validly tendered pursuant to the Exchange Offer and Consent Solicitation Memorandum are sufficient to satisfy the Minimum Issuance Condition.

Subject to the satisfaction or waiver of the conditions set forth in the Exchange Offer and Consent Solicitation Memorandum, as consideration for the Old Notes listed in Table 1, the Company intends to:
  • on the 2021 Old Notes Early Settlement Date, (a) issue US$775,312,599 aggregate principal amount of New Secured 2026 Notes and (b) pay U.S.$ 100,667,880 in cash, to Eligible Holders who validly tendered their 2021 Old Notes prior to the 2021 Old Notes Early Participation Deadline; and
  • on the Settlement Date, issue US$747,833,257 principal amount of New 2029 Notes and US$575,649,021 principal amount of New 2033 Notes to Eligible Holders who validly tendered their Old Notes (other than the Old 2021 Notes) prior to the Expiration Time.
In addition, since (i) Eligible Holders of 2021 Old Notes representing 59.79% of the aggregate principal amount outstanding of such notes have validly tendered into the applicable Exchange Offer, and (ii) the Central Bank has approved the aggregate results of the Exchange Offers as a valid refinancing plan under the Communication "A" 7106, including access by YPF to the foreign exchange market to make the cash payment to Eligible Holders who tendered their Old 2021 Notes pursuant to the Exchange Offers and to repay any 2021 Old Notes that are not exchanged pursuant to the Exchange Offer on their maturity date, the Company has decided to waive the 2021 Old Notes Minimum Exchange Condition.

The 2021 Old Notes Early Settlement Date for the 2021 Old Notes validly tendered and not validly withdrawn prior to or at the 2021 Old Notes Early Expiration Date will be February 12, 2021. The settlement date for Old Notes of all other series validly tendered and not validly withdrawn prior to or at the Expiration Time will be February 12, 2021.

Given that Proxies received were not sufficient to reach the Requisite Majorities as of the registration date, the Proposed Amendments will not become effective. The Company has decided to waive the condition to the Exchange Offers relating to the execution and delivery of the Old Notes Indentures implementing the Proposed Amendments.

(...)

 
Questa differenza che si legge tra (lo scrivo tradotto): Valutazione anticipata delle modifiche per le vecchie obbligazioni del 2021 e Considerazione del cambio tardivo per le vecchie obbligazioni del 2021, sarebbe la differenza tra chi ha aderito entro il primo termine e chi ha aderito dopo (o non ha aderito proprio)?
 

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