On January 17, 2024 YPF S.A. (“YPF”), a company dedicated to the exploitation of hydrocarbon products and their derivatives in Argentina, issued its 9,50% senior secured notes due 2031, guaranteed with crude oil exports, for an aggregate principal amount of US$ 800.000.000, under the frequent issuer regime from the Argentine Securities Commission (Comisión Nacional de Valores). This is one of the company's largest debt issues and represents the reopening of international markets for Argentine corporate issuers.
The Company will use the proceeds to refinance debt and to finance its investment plan focused on the development of Vaca Muerta and the growth of unconventional hydrocarbon production.
The Notes will be listed on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market of the Luxembourg Stock Exchange and on the Mercado Abierto Electrónico.
Citigroup Global Markets Inc., Santander Investment Securities Inc. and J.P. Morgan Securities LLC acted as initial purchasers (the “Initial Purchasers”) and Banco Santander Argentina S.A. and Banco de Galicia y Buenos Aires S.A.U. acted as local placement agents (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent under the Indenture signed with YPF (the “Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent”).
Counsel to YPF
Bruchou & Funes de Rioja acted as legal counsel through its team lead by partner José Bazán and associates Leandro Belusci, Josefina Mortola Saiach, Facundo Suárez Loñ and Teo Panich.
Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partner Juan G. Giráldez, associates Ignacio Lagos and Martín Sasson, international lawyer Juan Ignacio Leguízamo and Law Clerk Nicole Mueller.
In-House Counsel to YPF S.A.:
YPF S.A. was advised by its in-house legal team comprising attorneys Fernando Gómez Zanou, Marina Quinteiro, Francisco Gaspari, Paola Garbi and Valeria Moglia.
Counsel to the Initial Purchasers and the Local Placement Agents
TCA Tanoira Cassagne acted as legal counsel through its team lead by partners Alexia Rosenthal, Jaime Uranga and Rocío Carrica and associates Ignacio Criado Díaz, Carolina Mercero and Juan Manuel Simó.
Milbank LLP acted as New York legal counsel through its team led by partner Carlos Albarracín, associates Gonzalo Guitart and Ian Hunley and international lawyer Pamela Molina.
Counsel to the Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent
Jones Walker LLP acted as legal counsel through its team led by partners Scott T. Zander and Wish Ziegler.