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Bond Market News
Guacolda Energia’s Bond Rallies After Exchange Offer
July 24, 2023
Guacolda Energia’s 4.56% 2025s have rallied by 33% to trade at 62 cents on the dollar after the company launched an exchange offer last Thursday. Under the exchange offer, holders of the outstanding $273.8mn notes can exchange “any and all” of them for newly issued 10% 2030s. They would receive $650 of new notes for every $1,000 in principal amount of existing notes. It also announced that it is in the process of consent solicitation from current noteholders to make amendments to the existing indenture, including substantially eliminating all the restrictive covenants and certain events of default. This announcement adds to the bond’s strong YTD performance where it is among the best performing dollar bonds this year, attributed to factors like reduced coal costs and debt.
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