Pampa Energía in Exchange Offer

August 8, 2022

Cleary Gottlieb represented Pampa Energía S.A. (Pampa) in its offer to exchange any and all of its outstanding 7.375% notes due 2023 for newly issued 9.5% notes due 2026 and certain cash consideration, as applicable.

The exchange offer launched on June 16, 2022, expired on July 29, 2022, and settled on August 8, 2022.

At settlement, Pampa issued $292.8 million aggregate principal amount of new notes and paid $122.13 million cash consideration as total consideration for existing notes validly tendered into the exchange offer. Participation in the exchange offer amounted to $407.09 million in aggregate principal amount of the 7.375% notes due 2023, representing 81.4% of the aggregate principal amount of notes outstanding.

Citigroup Global Markets Inc. and Santander Investment Securities Inc. were joint global coordinators and lead dealer managers for the exchange offer. BNP Paribas Securities Corp, HSBC Securities (USA) Inc., and J.P. Morgan Securities LLC acted as joint dealer managers.

Pampa is a leading independent energy integrated company in Argentina, participating in the electricity and the gas value chains, engaged in the generation and transmission of electricity, oil and gas exploration and production, petrochemicals, hydrocarbon commercialization and transportation, and oil refining and distribution.