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Repsol to sell YPF compensation bonds to JPMorgan for $2.8B

May 09, 2014 4:38 PM ETRepsol, S.A. (REPYY) StockREPYY, REPYFBy: Carl Surran, SA News Editor
  • Repsol (OTCQX:REPYY, OTCQX:REPYF) says it agreed to sell a package of Argentine sovereign bonds today to JPMorgan for $2.8B, part of a $5B settlement with Argentina after the country expropriated Repsol's 51% stake in YPF in 2012.
  • The sale will add to Repsol's growing cash pile, which the company says it intends to use mostly for acquisitions but could leave the door open to paying a special dividend or buying back stock if it can't find an attractive acquisition.

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