Capex’s Exchange Offer

Cleary Gottlieb represented Citigroup Global Markets Inc. and Santander US Capital Markets LLC, as dealer managers, in Capex S.A.’s (Capex) offer to exchange any and all of its outstanding 6.875% notes due 2024 for newly issued 9.25% notes due 2028 and certain cash consideration, as applicable.

The exchange offer launched on July 24, 2023, expired on August 18, 2023, and settled on August 25, 2023.

At settlement, Capex issued $188.8 million aggregate principal amount of new notes and paid $15.85 million in cash as total consideration for existing notes validly tendered into the exchange offer. Participation in the exchange offer amounted to $197.39 million in aggregate principal amount of the 6.875% notes due 2024, representing 82.65% of the aggregate principal amount of notes outstanding.

Capex is an Argentine integrated energy company engaged in thermal electric and renewable power generation and in hydrocarbon exploration and production.