YPF in $500 Million Offering and Concurrent Tender and Exchange Offers

Cleary Gottlieb represented YPF S.A. (YPF) in a successful offering of its $500 million 8.75% senior notes due 2031.

The bond offering launched on August 30, 2024, priced on September 4, 2024, and is scheduled to close on September 11, 2024.

In addition, YPF launched:

• An offer to purchase up to $500 million of its 8.5% senior notes due July 2025 and 6.95% senior notes due 2027, which was announced on August 29, 2024, and is expected to expire on September 27, 2024.
• An offer to exchange up to $500 million of its 8.5% senior notes due July 2025 for additional 8.75% senior notes due 2031, which was announced on September 5, 2024, and is expected to expire on October 3, 2024.

Both the tender offer and exchange offer are conditioned on the successful settlement of the new money offering.

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

BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers and dealer managers; BBVA Securities Inc. acted as bookrunner; and Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., and Banco de Galicia y Buenos Aires S.A.U. acted as local placement agents and local dealer managers.