YPF in $550 Million Notes Reopening

Cleary Gottlieb represented YPF Sociedad Anónima (YPF) in the $550 million reopening of its 8.25% senior notes due 2034.

The transaction constituted a further issuance of YPF’s outstanding 8.25% senior notes due 2034 initially issued in January 2025.

The offer launched on January 19, 2026, priced on January 22, 2026, and is expected to close on January 27, 2026.

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.

The Cleary team included partners Juan Giraldez and Ignacio Lagos and associates Juan Ignacio Leguízamo and Lucas Davidenco. Partner Matthew Brigham and associates Kathy Zhang and Jack Samuel advised on tax matters, with assistance from law clerk Seth Stancroff.