02/08/2021 13:33
Clarín.com
Economy
Updated 02/08/2021 13:33
This Monday, YPF shares have been rising with the momentum due to the good news that emerged about the resolution of the debt swap of the oil company for
US $ 6.2 billion.
Last night, the company announced that it
had improved the conditions
of the debt restructuring proposal that had been rejected on several occasions by the main group of creditors.
As it became known today, with the new modifications the creditors
would have given the OK,
something that will be officially reported in the next few hours.
With these data, the share of the state oil company
rises 7%
in Buenos Aires.
In this way, the role of the company has risen 16.8%, although in the year it is still 1% down.
With this impulse, the entire central panel of the Buenos Aires stock market rises and
the Merval advances 2.3%.
The rally is repeated in New York,
where the stock increases 6.8%
and accumulates an improvement of 21% in the month.
With this, the stock reaches
US $ 4.50
and is still 4% below the start of the year.
In mid-February, the oil company's stock collapsed when the government decided to displace its president Guillermo Nielsen, an official close to Alberto Fernández, and replace him with Pablo González, former deputy governor of Santa Cruz.
Given the advance of Kirchnerism on the oil company,
the share collapsed to US $ 3.20
.
But with the passing of the days and the flexibility that the company raised before the exchange negotiations, the rebound began.
Exchange agreement
This morning company sources said that the main group of creditors has
already given its approval
.
And they released a text in which it is stated that the Ad Hoc Group of Bondholders
accepted the terms
of the Exchange Offer and Modified Consent Request (the “Fourth Modified Exchange Offer”), announced by the Company on February 7, 2021, with respect to the “2021 Bonds”.
The Group is made up of institutional investors who manage or advise funds and other holders, whose holdings represent approximately
45% of the 2021 Bonds.
As detailed, the "Fourth Modified Exchange Offer" is in line with the Group's position, as it provides "
a balanced solution
and an adequate treatment for the 2021 Bonds".
"The Group positively receives the Fourth Modified Exchange Offer regarding the 2021 Bonds and the members of the Group who are holders of the 2021 Bonds will present their 2021 Bonds in the Fourth Modified Exchange Offer in its current terms," they indicated from the oil company.
In this way, the compliance of a sector of hard creditors such as Fidelity, Ashmore and Black Rock, which make up the Ad-Hoc Group, would have been achieved.
As of Friday, according to the company, it had a global acceptance of close to 30% of the total of creditors involved in the debt refinancing process.
AQ
Look also
YPF, close to agreeing with hard bondholders and closing its debt swap
Nicolás Gadano: "Everything is given so that gasoline continues to increase"