YPF in $1.2 Billion Offering and Concurrent Tender Offer

Cleary Gottlieb represented YPF S.A. (YPF) in a successful offering of its $1.2 billion 7.55% senior notes due 2035.

The transaction represents the largest corporate bond offering by an Argentine issuer in over a decade.

The bond offering launched on September 7, 2026, priced on September 9, 2026, and is scheduled to close on September 18, 2026. YPF intends to use the net proceeds from the offering for the refinancing of existing indebtedness, the acquisition of shares of companies located in Argentina, financing working capital, and investments in fixed assets in Argentina.

Concurrently, YPF has launched an offer to purchase for cash certain of its outstanding 6.95% senior notes due 2027 and 2.5%/9% step up amortizing notes due 2029, for an aggregate purchase price of up to $1 billion. The offer to purchase was announced on September 7, 2026, and is expected to expire on September 16, 2026, and close on September 18, 2026. The tender offer is conditioned on the successful settlement of the new money offering.

YPF is Argentina’s largest integrated energy company, uniquely positioned across the entire energy value chain, and is a leading player in the Vaca Muerta shale formation.

BBVA Securities Inc., Itau BBA USA Securities Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, and Balanz Capital UK LLP acted as initial purchasers, and BBVA Securities Inc., Itau BBA USA Securities Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as dealer managers. Banco CMF S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Cucchiara y Cía. S.A., Macro Securities S.A.U., Latin Securities S.A.U., Cocos Capital S.A., and Puente Hnos. S.A. acted as local placement agents and local dealer managers.

The Cleary team included partners Juan Giráldez and Ignacio Lagos and associates Juan Ignacio Leguizamo, Lucas Davidenco, and Alvaro Herrera Gardea. Partner Matthew Brigham and associates Jack Samuel and Andrew Guan advised on tax matters.