TGS’s $500 Million Global Bond Offering

Cleary Gottlieb represented BBVA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, and Balanz Capital UK LLP, as initial purchasers, in a Rule 144A/Regulation S offering by Transportadora de Gas del Sur S.A. (TGS) of $500 million of its 7.75% senior notes due 2035.

The offering launched on November 10, 2025, priced on November 13, 2025, and is expected to settle on November 20, 2025. Notes are expected to list on the Bolsa y Mercados Argentina S.A. (BYMA) and on the A3 Mercados S.A. (A3 Mercados).

TGS is currently the largest transporter of natural gas in Argentina and operates the most extensive pipeline system in Latin America in terms of length. TGS is also one of the largest processors of natural gas and one of the largest marketers of liquids in Argentina, and provides telecommunication services through a subsidiary.

The Cleary team includes partner Juan Giráldez and associate Nicole Mueller. Partner Matthew Brigham and associate Kathy Zhang advised on tax matters. Partner Samuel Chang advised on sanctions matters.