YPF in $500 Million Notes Reopening

Cleary Gottlieb represented YPF Sociedad Anónima (YPF) in the $500 million reopening of its 8.75% senior notes due 2031.

The issuance of the notes constituted a further issuance of YPF’s outstanding 8.75% senior notes due 2031 initially issued in September 2024.

The offer launched on October 28, 2025, priced on October 30, 2025, and closed on November 5, 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 listed on the Luxembourg Stock Exchange and Bolsas y Mercados Argentinos S.A. and admitted to trading on the Euro MTF market and the Argentine over the counter market, A3 Mercados S.A.

Citigroup Global Markets Inc., Itau BBA USA Securities Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as global coordinators and joint bookrunners for the offering. Balanz Capital UK LLP acted as joint bookrunner.

YPF is Argentina’s leading energy company and operates a fully integrated oil and gas chain with market leadership positions in all upstream, industrialization, commercialization, and gas and energy segments in the country.