Petrobras Energia to Buy Back US$7.8mn Bond

Argentine energy company Petrobras Energia plans to buy back US$7.8mn of dollar-denominated series O debentures issued in March, the company said in a statement to the Buenos Aires stock market on Monday. The statement did not give a reason for the decision, and Petrobras officials could not be reached for comment Monday.

Petrobras Energia (formerly Pecom Energia) placed US$33mn in one-year debentures denominated in US dollars and Argentine pesos, to pay part of a US$35mn bond payment due on March 21. The dollar-denominated series O debentures were for US$29.2mn and pay 7.5% annual interest, while the US$3.6mn peso or dollar denominated series P pays 8.5% annual interest. It was Pecom Energia's first bond issue since its parent company Perez Companc was bought out by Brazil's state owned oil company Petrobras (NYSE:PBR) in October 2002.

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