Repsol Sells Argentinean Bonds to JP Morgan

Repsol has agreed with JP Morgan several sale operations of the bonds delivered by the Republic of Argentina as a means of payment of the compensation for the expropriation of the controlling stake of Repsol in YPF and YPF Gas.

Such operations included, on one side, the sale of the whole portfolio of the BONAR X and DISCOUNT 33 bonds, and afterwards, on the other, a partial sale of the BODEN 2015 portfolio, of which Repsol still holds bonds with a nominal value of US$ 117.36 million.

The sale price of these operations reached US$ 2.01 billion. In addition, the buyer will pay to Repsol US$ 59.3 million of accrued interest. As a whole, these transactions have no impact on the results of Repsol.

The closing of the two sales, expected to occur on May 16, is subject to the fulfilment of  customary terms and conditions in this kind of operations.

With these transactions, together with the sale of all the BONAR 24 bonds announced on May 9, the debt acknowledged by the Republic of Argentina with Repsol is reduced in US$ 4.815 billion.

Press Release, May 14, 2014; Image: Repsol

 

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