19 maj: EU's Juncker: Big Majority For Greek Exit At Eurogroup -..
19 maj: UPDATE: Google Wins China Clearance For Motorola Deal
19-05-2012 19:16:00

Credit Suisse Asks Argentina's Grupo Petersen To Repay Loans

Relateret indhold

By Ken Parks

Of DOW JONES NEWSWIRES

BUENOS AIRES -(Dow Jones)- Credit Suisse AG (CS, CSGN.VX) has informed Argentine conglomerate Grupo Petersen that it must pay back loans used to buy a stake in oil company YPF SA (YPF, YPFD.BA) after it missed a $400 million payment.

Credit Suisse notified Petersen SA and related company PEISA on May 17 that the loans were in default and "payable immediately", together with any accrued interest and other obligations, YPF said in a filing with the U.S. Securities and Exchange Commission on Friday.

Grupo Petersen pledged its shares in YPF as collateral for the loans it obtained to purchase its 25.46% stake in Argentina's biggest oil and gas producer.

The creditor banks still haven't laid claim to those shares, a source close to Grupo Petersen said.

In 2008, the group financed the purchase of 14.9% of YPF from Spain's Repsol YPF SA (REP.MC) with a $1 billion senior secured loan from a group of banks led by Credit Suisse, according to information posted on the website of law firm Cleary Gottlieb, which represented Grupo Petersen in the transaction.

Grupo Petersen, which is owned by Argentina's Eskenazi family, also obtained a $1 billion loan and equity from Repsol.

In 2011, the group purchased an additional 10% stake in YPF, funding the deal with a $700 million senior secured loan from a group of banks led by Banco Itau and Credit Suisse. Repsol pitched in with another loan of about $625 million, according to Gottlieb.

The Eskenazis were counting on hefty dividends from YPF to pay back those loans.

However, Argentine President Cristina Kirchner expropriated a controlling stake in YPF from Repsol YPF earlier this month.

The Kirchner administration has said it will reinvest all of YPF's earnings to reverse declining oil and gas production that have turned Argentina into a net energy importer for the first time in almost two decades.

Grupo Petersen missed a $400 million loan payment earlier this month, which triggered the default provisions in the financing agreements with its creditors.

The risk that a 25% stake in YPF might flood the market if creditors seize the group's YPF shares has weighed on the stock.

YPF's American Depository Shares closed 4.8% lower at a multi-year low of $12.35 Friday. The stock fell 20% last week, and is down 64% for the year.

Argentina's government now owns 51% of YPF, with Grupo Petersen and other investors owning the rest.

-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740; ken.parks@dowjones.com

(END) Dow Jones Newswires

May 19, 2012 13:16 ET (17:16 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Branchegruppe tror på mindre vind i Europa

23-07-2014 15:11:15
Den europæiske vindmøllebranches fællesorganisationen, EWEA, skruer i en ny rapport ned for fremtidsudsigterne for mængden af nye vindmøller i verdensdelen.I en..

Nordea i russisk offensiv - netmedie

23-07-2014 12:15:50
Selvom Ukraine-krisen, der begyndte i februar-marts har medført, at udenlandske banker har trukket sig fra det russiske lånemarked, er det ikke tilfældet for No..

Aktier/åbning: Investorer børster ja-hatten af fra start

23-07-2014 09:24:32
Trods udsigt til fald i futuremarkedet og et totalt fravær af nævneværdige nøgletal har investorerne fundet det gode humør frem onsdag morgen. Dermed stiger de ..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Pandora/JPMorgan: Kursmål hævet til 490 kr.
2
Onsdagens aktier: Bunden gik ud af GN og Pandora
3
Aktier/tendens: Let negativ start i kortene
4
Finanstilsynet hæver værdien af landbrugsjord - avis
5
Nordea i russisk offensiv - netmedie

Relaterede aktiekurser

YPF SA 35,96 -2,6% Fald i aktiekurs
Credit Suisse Group 28,48 -0,1% Fald i aktiekurs
CS Group N 25,77 0,0% Aktiekurs uændret
Euroinvestor i andre lande: Euroinvestor.com | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
24. juli 2014 05:59:43
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20140723.1 - EUROWEB5 - 2014-07-24 05:59:43 - 2014-07-24 05:59:43 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x