Pampa in $450 Million Offering

Cleary Gottlieb represented Pampa Energía S.A. (Pampa) in its offering of $450 million 7.75% notes due 2037.

The offer launched on November 6, 2025, priced on November 10, 2025, and is expected to settle on November 14, 2025. The offering was conducted in reliance on Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended. The notes are expected to be listed on Bolsas y Mercados Argentinos S.A. (BYMA) and admitted to trading on A3 Mercados S.A. (formerly Mercado Abierto Electrónico S.A.).

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.

The Cleary team included partner Juan Giráldez and associate Alejandro Martínez-Inzunza. Partner Matthew Brigham and associate Adriana De Bartolo.