The Mortgage Bank will use own funds to face a debt in dollars, according to official sources. The entity, which sought to restructure a debt of US$ 279 millones, It will draw on its own currencies to meet various stocks.
The Mortgage offered a debt swap until last thursday. Creditors could access 42% of cash if they agreed to postpone a collection planned for this year for another in 2025. The company obtained 46% adhesion in that proposal and will now fulfill its commitments, according to official sources.
When the new restrictions on dollar hoarding were announced, the Central also warned that it would only validate 40% of the companies’ current debts, which had to renegotiate the remaining 60% with long-term plans. Mortgage tried to do it, to follow official instructions.
If the company obtained full adherence to its exchange, it could claim close to US $ 112 million from the Central (40% of its debt of US $ 279 million). But since he did not reach that subscription level, what he would have to pay immediately – the “cash carrot” for those who agreed to a swap – is less.
Eduardo Elsztain, the main shareholder of Irsa – the real estate company that shares the management of the Mortgage Bank with the national State – was last week in the Ministry of Economy. According to official sources, the Central would have indicated to the Mortgage that it was not going to access the US $ 112 million corresponding to 40% of its debt.
Mortgage will communicate on Tuesday what it will do with its creditors. You must answer for the 53% that did not enter the exchange and so if they entered and agreed to the right to collect 42% of their debt in cash. Between the two, there are close to US $ 200 million.
“The bank plans to pay the exchange consideration and the accrued and unpaid interest of the existing Negotiable Obligations on October 14, 2020, subject to the terms and conditions described in the Prospectus and Exchange Supplement,” said the Mortgage, in its notification to the National Securities Commission (CNV).
YPF is also among the companies that have to restructure their debt in some way, following the Central’s regulations.
Large companies usually accumulate dollar deposits both in the country and abroad, to pay for different commercial operations. However, debt is usually paid off with your cash generation. And, in that scheme, they always think about access to the official exchange market (MULC).