The Prague Stock Exchange (PSE) has hosted the first
exchange offer involving eurobonds swapped for notes issued and
settled in the local currency (Czech crowns).
NET4GAS issued CZK2.64 billion ($119.4 million) of bonds due
in 2025 to refinance existing debt. The Czech gas pipeline
operator was keen to extend the maturity of the bonds, which
would otherwise have become payable in 2021. The liability
management exercise is believed to be the first in Europe to
exchange a eurobond for notes in a local currency.
Natural gas pipeline operator NET4GAS has been involved in
the first eurobond swap in EuropeThe deal was specific and
unique because existing note holders weren’t
offered another series of...