YPF avoids March default with 60% support for key bond swap

Argentina’s state-owned oil company, YPF SA, said it had swapped almost 60% of a key bond due in March, saving the company millions of dollars in debt payments and avoiding a costly default next month. Holders of a total 59.8 percent of a $413-million bond due in March said they would exchange their notes in the swap, according to a company statement. Argentina’s largest energy company also won support from 43% of creditors to exchange its 2024 notes, and 37% of holders of one of its securities maturing in 2025.

Source: Buenos Aires Times