Multiple firms advise on the issuance of Pluspetrol’s US$200 million note offering

Multiple firms, including Bruchou & Funes de Rioja, Cleary Gottlieb Steen & Hamilton, Martínez de Hoz & Rueda and Milbank, have acted as legal counsel in the international offering of additional Class 4 notes by Pluspetrol, marking another step in the company’s ongoing capital markets activity.

The offering involved the issuance of US$200 million in additional Class 4 notes due 2032, through a simultaneous local and international placement. These new notes are fungible with the Class 4 notes originally issued by Pluspetrol on May 30, 2025, for US$450 million.

Following this latest transaction, the total outstanding amount of Pluspetrol’s Class 4 notes now reaches US$650 million, reinforcing the company’s long-term financing strategy. The Offering closed on June 30, 2025.

The Notes will accrue interest at an annual fixed nominal rate of 8.500% per annum. Interest will be payable semi-annually in arrears on May 30 and November 30 of each year, beginning on November 30, 2025. The principal amount of the Notes will be amortized in a single installment on the maturity date, May 30, 2032. The Offering was carried out by Rule 144A and Regulation S under the U.S. Securities Act of 1933 and also included a public offering of the Notes in Argentina.

BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, and Santander US Capital Markets acted as initial purchasers of the Offering outside Argentina. Balanz Capital, Valores, Banco de Galicia y Buenos Aires, Banco Santander Argentina, and Cucchiara y Cía acted as local placement agents for the Offering in Argentina. The Notes have been admitted for listing on Bolsas y Mercados Argentinos and authorized for trading on A3 Mercados.

Cleary Gottlieb Steen & Hamilton offered legal counsel to Pluspetrol and was led by partners Juan Giráldez (pictured left), Jonathan Mendes de Oliveira, and associates Nicole Muller, Micaela Mingramm. Bruchou & Funes de Rioja was led by partners José Bazán (pictured center left), Leandro Belusci, and associates Branko Serventich, Sofía Maselli.

Milbank was the legal counsel to the initial purchasers and local placement agents represented by partners Marcelo Mottesi (pictured center right), special counsel Gonzalo Guitart, and associate Pamela Molina. Martínez de Hoz & Rueda was represented by partners José Martínez de Hoz (pictured right), Pablo Schreiber and Jimena Vega Olmos as well as associates Luisina Luchini, Marco Primo.