Pampa Energía in Follow-on Offering

December 8, 2015

Cleary Gottlieb represented Pampa Energía, or “Pampa,” and certain of its executives in a follow-on offering of 93.8 million common shares of Pampa, in the form of American Depositary Shares (ADSs) (including the underwriter’s exercise of its option to purchase additional shares), in connection with the exercise of warrants held by the executives for Pampa’s common shares. The offering marked the return of Argentine companies to international equity markets following Globant S.A.’s 2014 IPO and was one of only a few international equity offerings by Argentine companies to occur in recent years.

The offering was made in the United States pursuant to a shelf registration statement filed with the SEC. The ADSs were sold at a public offering price of U.S.$21.50 per ADS. The offering priced on November 24 and closed on December 2. The over-allotment closing took place on December 8.

Merrill Lynch was the sole underwriter for the offering.

Pampa is a fully integrated electricity company in Argentina. Its operations include electricity generation, transmission and distribution. Its common shares trade on the Buenos Aires Stock Exchange (PAMP) and its ADRs trade on the New York Stock Exchange (PAM).