The oil company Pampa Energía began its process of repurchasing its own shares for up to US $ 200 million, while Transportadora Gas del Sur (TGS) will redeem the negotiable obligations (ON) issued by the company for US $ 74.3 million, both companies reported to the National Securities Commission (CNV), as reported today.
For its part, Petroquímica Comodoro Rivadavia postponed the issuance of its Class 1 fixed-rate ON with an expiration date on May 8. 5 and 7 years, for a face value of U.S. $ 300 million, expandable up to U.S. $ 400 million.
The Board of Directors of Pampa Energía approved the repurchase of treasury shares up to U.S. $ 200 million, which may not exceed, together, the limit of 10% of the share capital currently in the portfolio of 5.4 million shares.
It also established that it will be paid up to a maximum price of $ 50 per common share listed on the Argentine Stock Exchange (ByMA). and US $ 60 per ADR (certified deposit of shares) that is listed on the New York Stock Exchange.
The process will be done within a maximum period of 120 calendar days, starting on April 30, subject to any extension of the term that is resolved by the Board of Directors.
Likewise, the company determined that "the repurchase program being in force, directors, trustees and front-line managers will not be able to sell shares they own or manage directly or indirectly during the corresponding term."  Since last Monday, Pampa Energía has already purchased 212,000 ADR, for which it paid between US $ 56.13 and US $ 57.21, totaling US $ 12,038,969.
On the other hand, TGS decided the rescue of the total remaining outstanding Class 1 Notes for US $ 74,336,487.50 originally issued for a nominal value of US $ 255,451,506 at a fixed rate of 9.625% and with final maturity on May 14. 2020.
The NO will be rescued on June 1 next au n price equivalent to 104.813% of the nominal value in circulation plus interest accrued, if any, until the date of the transaction.