Equity Capital Markets:
WorldTrade Executive Inc.
Newsletter 22 issues per annum
Venture Equity Latin America is the only source of timely, accurate and comprehensive information on the Latin American private equity and venture capital industry. Published twice a month, it will keep you abreast of the latest deals, exits and new funds. Read it and know where the smart money is headed. Learn from the competition's successes…and mistakes.
Venture Equity Latin America is part of the WorldTrade Executive Inc. family of publications
Your annual subscription will bring you 22 hard-hitting issues - delivered electronically - detailing:
- All the private equity, venture capital and project finance transactions as they occur. Learn where the best deal flow comes from and how deals are structured to protect investors in today's volatile political and economic climate.
- All the important players, from big name fund managers with cash on hand to boutique investment bankers with access to the most exciting opportunities.
- New funds being formed targeting the entire region or parts of it and the strategies managers have designed to generate returns for their limited partners or sponsors.
- All the full and partial exits from investments and whether they met the investors' expectations.
- Insiders' perspectives on legal, political and economic developments in each of the main markets that affect your business.
- What makes specific firms tick, their take on a particular country or industry, and what the key personnel bring to the table.
- How much they're paying. Useful facts and figures that will make your life easier as you take your ideas on the road.
Venture Equity Latin America is edited by Ian Springsteel, a financial journalist and editor with extensive experience covering Wall Street, private equity and corporate finance and accounting. The publication was launched in February, 2002, by Holly Johnson, formerly senior editor of Latin American Private Equity Analyst, and became part of the WorldTrade Executive family of publications in February, 2003. Delivery twice a month by email means you get the news when and where you need it.
- WorldTrade Executive Inc. guarantees:
- Accuracy: all stories are based on first-hand reporting, with an emphasis on newsmaker interviews and in-depth analysis of the latest trends.
- Timeliness: Venture Equity Latin America is your hotline to the latest developments. The editors have their fingers on the industry's pulse.
- Depth: Venture Equity Latin America covers all stages of private investing, from seed-stage venture rounds to buyouts and exits. Venture Equity Latin America includes big and small players because new firms as well as old hands are shaping the development of the industry in the region.
- Convenience: Venture Equity Latin America is delivered by email twice a month (22 times a year).
News from Venture Equity Latin America
Southern Cross Offers The Southern Cross Group recently completed a debt-for-equity swap that will give the fund an 81% share in Compania General de Combustibles S.A., an Argentine oil and gas company.
The acquisition was made through Explore Acquisition Company, a subsidiary of the Southern Cross Latin American Private Equity Fund. The former owner of the company, Sociedad Comercial del Plata S.A., controlled by maverick businessman Santiago Soldati, will retain a 19% share of the company. The economic crisis in Argentina has made it difficult for SCP to make its debt payments. As a result, in September 2000, SCP and its controlled companies, CGC and Tren de la Costa, filed for insolvency protection and began renegotiating its debts. Market sources said that SCP opted to maintain a 19% share of CGC rather than lose the company entirely. Greenwich, Conn.,-based Southern Cross has been eying distressed assets throughout the region in recent months. In January, the fund signed a letter of intent with AT&T to acquire a 69% share of AT&T Latin America for a nominal payment of $1,000 and the assumption of $440 million in debt, and in December agreed to purchase the Argentinean assets of Dial Corp. In the deal, Southern Cross will inject about $25 million into CGC, which would be used to pay down about $170 million of CGC's debt at 15% of face value, in exchange for equity in the company. That 81% of the bank debt is held by a grou of 20 banks, out of 36 total creditors. The amenable institutions include the Bank of Nova Scotia and the Banco de la Nacion Argentina, said sources close to the offer. Ricardo Rodriguez, the founding partner of SCG, negotiated the deal with the banks. CGC is one of the leading oil and gas exploration and production companies in Latin America and was once considered the crown jewel of Sociedad Comercial del Plata's holdings. Despite economic difficulties in recent years, the company posted net income of 191.3 million pesos in 2002, a 236% increase over 2001 results. Sales also increased in by 24% last year to 291 million pesos as a result of a 41% increase in crude oil sales, according to a company report. CGC participates in 16 oil and gas exploration areas in Argentina, Ecuador, Guatemala and Venezuela. In 2002, CGC produced 5.29 million barrels of oil, gas and liquefied natural gas and possesses proven reserves of 56.5 million barrels of oil and gas.
The company also owns shares in several gas distribution companies, including Transportadora de Gas del Norte, which transports natural gas inside Argentina, and controls a 5,406 km pipeline with a 1.87 billion cubic feet/day transportation capacity; GasAndes, which transports natural gas from Argentina to Chile through its 463 km pipeline and Transportadora de Gas del Mercosur, a gas pipeline that connects Argentina and Brazil. - Elizabeth Johnson
Volume II, Number 11 July 1, 2003
$25M for Control of CGC
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