A commission wants YPF bondholders to block Debt swap Launched at the beginning of the month by the oil company to reschedule the estimated payments in $ 6600 Million US Dollars. It is located at about a Collection Ad Hoc, which has the Blackrock Fund among its members, commented on the market sources.
Black stone It is a box The most important investment Of the world and he who led Opposition From external creditors for months to restructure debt Sovereign, launched by Economy Minister Martin Guzman in April 2020.
That committee said it was made up of 13 institutional investors What are they Titles Of more than 25% of the total of these securities in circulation, including A. 40% of those expire in 2021 and 2024 Based on More than half Of those that expire in March 2025.
It comes to b Seven strings Of negotiable liabilities (weThe Argentine company aims to exchange three bonds with maturities between 2026 and 2033, with and without guaranteeing exports from the oil company. The terms delay aims to redirect the funds to an investment plan in oil and gas production for the coming years.
YPF Show Includes US $ 430 million Of the debit capital remaining that It ends March 23 next one. Show Voluntary exchange, That does not include equity or interest deductions More favorable conditions For those who specify joining Before that January 21. The offer period is open until the end of the month, but the market is considering that there may be an extension and even some improvements in the already revised offer.
The Initial proposal requires 30% acceptance By the holders of each series in order to initiate the exchange. But the market did not welcome the attempt, and shares of the New York-listed oil company suffered sharp falls at the end of the wheel. Last Thursday, YPF I decided to make prof They change In the majority required to accept an exchange: At least 50% Holders of all ONs Series.
However, a group Bond holders Which includes the company Blackrock which is said to have joinedWorried The terms and structure of the exchange offer and the limited duration envisaged in it. The aim of the ad hoc group is Block width For Avoid unnecessary and unacceptable destruction Of value BondsSo, they rented White & Case Studios and Bomchil. They also claimed to be in In coordination with another group Of the shareholders represented by Deshert, including the Oaktree Fund.
The oil company called for the next Monday 25 for a general assembly A holder of the NOs you are seeking to include on the exchange. The ad hoc committee said in a statement that after amending the offer made by YPF on January 14, they considered that “at this time, the best way to oppose and block it is to abstain from taking action. Grant relevant powers. “