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

|About: Repsol S.A. ADR (REPYY)|By:, SA News Editor

Repsol (REPYY, 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.