YPF in $1.1 Billion Offering and Concurrent Tender Offer

Cleary Gottlieb represented YPF S.A. (YPF) in a successful offering of its $1.1 billion 8.25% senior notes due 2034.

The bond offering launched on January 2, 2025, priced on January 8, 2025, and is scheduled to close on January 17, 2025. YPF intends to use the net proceeds from the offering for the refinancing of indebtedness, investments in fixed assets in Argentina, and the acquisition of shares of companies located in Argentina, including Mobil Argentina S.A., as well as for other general financing needs related to YPF’s commercial activities.

In addition, YPF launched an offer to purchase for cash any and all of its outstanding 8.5% senior notes due July 2025, which was announced on January 2, 2025, and is expected to expire on January 15, 2025. The tender offer is conditioned on the successful settlement of the new money offering.

YPF is Argentina’s leading energy company and operate a fully integrated oil and gas chain with market leadership positions in all upstream, industrialization, commercialization, and gas and energy segments in the country.

BBVA Securities Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities Inc., Latin Securities S.A., Agente de Valores, and Santander US Capital Markets LLC acted as initial purchasers and dealer managers, and Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Macro Securities S.A.U., Latin Securities S.A., and Banco CMF S.A. acted as local placement agents and local dealer managers.