Cleary Gottlieb represented HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, and Santander Investment Securities Inc. as initial purchasers in an offering by Transportadora de Gas del Sur S.A. (TGS) and as dealer managers in TGS’s concurrent tender offer.
The transaction consisted of a Rule 144A/Regulation S offering of $500 million of TGS’s 6.750 percent senior notes due 2025 and a concurrent offer to purchase for cash TGS’s outstanding 9.625 percent notes due 2020 (the 2020 notes). The offering priced on April 26, 2018, and settled on May 2, 2018. The tender offer launched on April 19, 2018, and expired on April 26, 2018. The notes were listed on the Luxembourg Stock Exchange for trading on its Euro MTF Market and the Bolsa y Mercados Argentina S.A. (BYMA) for trading on the BYMA and on the Mercado Abierto Electrónico S.A.
TGS is currently the largest transporter of natural gas in Argentina and operates the most extensive pipeline system in Latin America in terms of length. TGS is also one of the largest processors of natural gas and one of the largest marketers of liquids in Argentina, and provides telecommunication services through a subsidiary.