CGC in Exchange Offer and Proxy Solicitation

September 8, 2020

Cleary Gottlieb represented Compañía General de Combustibles (CGC) in its offer to exchange any and all of the outstanding 9.5% notes due 2021 for newly issued 9.5% senior amortizing notes due 2025 and the related proxy solicitation to amend the existing notes and the related indenture to eliminate and/or amend certain covenants, events of defaults, and other provisions thereunder.

Holders of existing notes tendered $206.6 million aggregate principal amount of existing notes in the exchange offer, representing 68.87% of the outstanding aggregate principal of existing notes. CGC also obtained proxies representing the requisite majority to vote in favor of the proposed amendments to the existing notes and the related indenture.

The exchange offer and consent solicitation launched on August 6, 2020, and settled on September 8, 2020.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Santander Investment Securities Inc. acted as dealer managers for the exchange offer and proxy solicitation.

CGC is a leading independent energy company operating in Argentina that engages in the exploration, development, and production of natural gas and crude oil, and has joint ventures in the midstream business.