Argentine oil company will use cash to redeem notes due in November after getting just 8.8% acceptance for a debt exchange

 

CGC lures few in bond swap

November 1, 2021 | Charles Newbery

Argentine oil company will use cash to redeem notes due in November after getting just 8.8% acceptance for a debt exchange

Bonds Debt Fixed Income Argentina Gas Oil

Argentine oil and natural gas company Compañía General de Combustibles (CGC) said Friday that it will dip into its cash reserves to pay a 9.5% bond that matures on November 7 this year, after failing to attract many offers to swap them for new notes maturing in 2025. "The company fully expects to use cash on hand to repay any outstanding 2021 notes not tendered in the exchange offer by accessing the Argentine foreign exchange market," CGC said in a securities filing. CGC, which is controlled by