Argentina
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Acindar "contemplates" debt payments

Bnamericas Published: Friday, May 23, 2003
Argentine steelmaker Acindar, which is undergoing a financial restructuring process, said it "contemplates" making certain payments "on or about" May 30 of principal and interest on loans and bonds on which it has defaulted. The payments related to loans would be approximately US$10.9mn, it said, and US$19.8mn would be paid in connection with bonds and other dollar debt, provided none of the debt is tendered in an offer the company is making to buy back up to US$30mn of its debt. Acindar also said it was extending the cash tender offer deadline to buy back the debt to May 29 from May 28. The company is offering to pay between US$450 and US$650 for each US$1,000 of the debt, which includes 11.25% notes that mature next year. Acindar is Argentina's largest long steelmaker with capacity of 1.2Mt/y. It is controlled by the Acevedo family and Brazilian steel company Belgo-Mineira.

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