YPF in $800 Million Bond Offering and Concurrent Tender Offer

January 17, 2024

Cleary Gottlieb represented YPF S.A. (YPF) in a successful offering of its $800 million 9.5% senior secured notes due 2031 and a concurrent offer to purchase for cash YPF’s outstanding 8.75% senior amortizing notes due 2024.

The bond offering launched on January 5, 2024, priced on January 10, 2024, and closed on January 17, 2024.

The offer to purchase launched on January 5, 2024, and is expected to expire on February 5, 2024.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers and dealer managers; Banco Santander Argentina S.A., and Banco de Galicia y Buenos Aires S.A.U. acted as local placement agents; and Citibank N.A. acted as collateral agent.

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.