Cleary, Davis Polk and Salaverri advise on Pampa Energía notes
Multiple law firms represented Pampa Energía in issuing of an additional 7.750% senior unsecured notes due 2037 for an aggregate principal amount of US$500 million in both local and international markets. The additional notes were issued as a tap of the Class 26 notes originally issued on November 14, 2025, for US$450 million, bringing the total outstanding principal amount of the Class 26 Notes to US$950 million. The transaction was carried out under Rule 144A and Regulation S of the U.S. Securities Act of 1933, under Pampa’s US$2.1 billion non-convertible and/or convertible notes program.
The additional notes have been admitted for listing on Bolsas y Mercados Argentinos and admitted for trading on A3 Mercados. Proceeds will be used for general corporate purposes, including capital expenditures, investments, acquisitions, financing of fixed assets and capital goods in Argentina, capital contributions to controlled or related companies, and repayment of existing liabilities, in compliance with Article 36 of the Argentine Negotiable Obligations Law.
BBVA Securities, Deutsche Bank Securities, Itaú BBA USA Securities, and Santander US Capital Markets acted as joint bookrunners and initial purchasers, while Banco Santander Argentina, Banco de Galicia y Buenos Aires, Balanz Capital Valores, and Cocos Capital acted as local placement agents. The Bank of New York Mellon served as trustee, paying agent, registrar, and transfer agent under the indenture, with Banco Santander Argentina acting as Argentine registrar, transfer agent, paying agent, and representative of the trustee in Argentina.
Pampa Energía was advised by two external counsel teams. Salaverri, Burgio & Wetzler Malbrán acted as local legal counsel, with a team led by partner Roberto Lizondo and associates Natalia Ostropolsky, José María Martín, and Fermín Doria Medina.
Cleary Gottlieb Steen & Hamilton acted as New York counsel, with a team led by partner Juan G. Giráldez, associate Juan Ignacio Leguizamo, and international lawyer Víctor Bravo.
Pampa’s in-house team included financial advisors Adolfo Zuberbuhler, Débora Tortosa Chavez, Julieta Castagna, Constanza Gulo, and Matías Alejandro Butti, and in-house counsel María Agustina Montes, Maite Zornoza, Juan Manuel Recio, and Camila Mindlin.
The initial purchasers and local placement agents were represented by Bruchou & Funes de Rioja as local counsel, through a team led by partners José María Bazan and Leandro E. Belusci, and associates Juan Rosatto, Victoria Negro, and Francisco Mendióroz. Davis Polk & Wardwell acted as New York counsel, with a team led by partner Maurice Blanco, counsel Drew Glover, and law clerk Alessandro Coppola.
Emmet, Marvin & Martin acted as legal counsel to the trustee, registrar, principal paying agent, and transfer agent, through a team led by partner Matthew W. Peetz and associate Evan O’Connor.
