Pampa Energía S.A. Announces Tender Results for Series 1 Notes
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Pampa Energía S.A. Cash Tender Offer Results Overview
Pampa Energía S.A. (the "Company") has recently concluded its cash tender offer to buy back its Series 1 7.500% Notes due 2027. This offer aimed to reduce its outstanding debt and manage its financial obligations more effectively.
Details of the Cash Tender Offer
The tender offer aimed to purchase any and all of the outstanding Notes under the indenture dated January 24, 2017. It officially expired at 8:00 a.m. New York City time, following a significant interest from holders.
Expiration and Acceptance
At the expiration time, approximately $396.8 million worth of notes, representing 52.91% of the outstanding total, were validly tendered. Furthermore, guaranteed delivery instructions were submitted for an additional $630,000. This indicates a solid commitment from holders to participate in the offer.
Settlement and Payment Information
The Company has accepted all validly tendered notes, with payment scheduled for September 10, 2024. This settlement will also include accrued interest from the last payment date up to the settlement date, signaling the Company's commitment to its investors.
Key Financial Figures and Considerations
Let's take a closer look at the key financial figures relating to the tender offer:
- Outstanding Principal Amount: U.S.$750 million
- Offer Consideration: U.S.$1,000 per U.S.$1,000 principal amount of validly tendered notes
- Accrued Interest: Holders will receive accrued interest along with the principal amount on the settlement date
Holders whose notes are accepted in the offer will cease to accrue interest once the settlement date is reached, ensuring clarity in financial transactions.
Company's Approach to Debt Management
Pampa Energía's strategic approach to managing its debt through this tender offer demonstrates its proactive measures in ensuring financial stability. By utilizing proceeds from new notes, the company aims to streamline its obligations and enhance its financial flexibility.
Engagement with Financial Institutions
The Company has engaged several financial institutions as dealer managers for this offer, ensuring that experienced professionals handle the transactions effectively. This collaborative effort underscores the importance of adept financial management in today's market.
Next Steps for Holders
Holders who participated in the tender offer are encouraged to monitor any updates and results as they unfold. With the final results anticipated around the settlement date, it is vital for holders to stay informed.
Frequently Asked Questions
What was the purpose of the cash tender offer?
The purpose was to purchase outstanding Series 1 7.500% Notes due 2027 to manage the Company's financial obligations effectively.
When will the payments be made to the holders?
Payments will be made on September 10, 2024, which includes both principal and accrued interest.
How much of the total notes were tendered?
Approximately $396.8 million, or 52.91%, of the outstanding notes were validly tendered.
Who managed the cash tender offer?
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC served as dealer managers for the offer.
What should holders do next?
Holders should stay informed about updates related to the tender offer and prepare for the payments on the designated date.
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