The rescheduling of corporate debt maturities, ordered by the Central Bank, changed the plans of several companies. Banco Hipotecario launched a debt swap, in which it obtained 46.66% adherence, that forced him to make disbursements in dollars.
The entity exchanged US $ 78.3 million that expired in 2020 for a new issue for 2025. To those who entered this exchange, it advanced 42% of the amount to be replaced in cash. For that reason, Hipotecario paid US $ 54.8 million plus US $ 4.73 million in interest. The total (US $ 59.5 million) came from their own coffers.
For those who did not enter the exchange, the Mortgage will pay them on November 30. It will be US $ 149.2 million of capital and US $ 7.2 million of interest. “He currently has dollars in his foreign correspondent account and in order to make the payment effective, it will have to transfer from its local account in dollars abroad an amount less than 20% of the original capital that should have been paid before carrying out the exchange operation, “the entity reported.
“The result of this important transaction allows Banco Hipotecario to clear part of its short-term maturities in dollars, extending and optimizing the profile of its debt,” they highlighted.
“In this way, the bank has the necessary resources to meet its commitments in dollars, maintaining a solid liquidity position, in line with the rest of the Argentine financial system,” they reported.
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, from the Central they would have indicated to the Mortgage that he was not going to access the US $ 112 million corresponding to 40% of his debt that he had to pay on Tuesday.
“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), which it ended up doing.
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).