Cleary Gottlieb represented UBS and Raymond James as underwriters (UBS acted as global coordinator and lead manager) in the Rule 144A/Reg S offering of 244,003,086 shares of common stock of Pampa Holding S.A., in the form of Global Depositary Shares outside Argentina and in the form of shares of common stock in Argentina. The shares sold in the concurrent local offering will be listed on the Buenos Aires Stock Exchange while the GDSs sold in the international offering will be listed on the EuroMTF, the alternative market of the Luxembourg Stock Exchange. The two underwritten offerings were launched as part of a broader rights offering pursuant to which the existing shareholders of Pampa were entitled to subscribe for the offered securities by exercising their preemptive and accretion rights (the two controlling shareholders of Pampa assigned their respective preemptive and accretion rights to the underwriters to acquire the shares to be sold in the underwritten offerings). The international underwritten offering, which closed on February 7, was Pampa’s first equity offering in the international capital markets.
Pampa, an Argentine private equity fund, was acquired by Grupo Dolphin in 2005 and serves as its principal investment vehicle in the Argentine electricity and energy sectors.