Juan Giraldez

Cleary counsels YPF on $800m bond offering

Cleary Gottlieb has counselled YPF on an $800m offering of 9.500% senior secured notes due 2031 and a concurrent cash tender offer for 8.75% callable senior notes due 2024.

The bond offer was launched on 5 January, priced on 10 January and closed on 17 January, while the tender offer was launched on 5 January and is expected to expire on 5 February 2024.

Citigroup Global Markets, J.P. Morgan Securities, and Santander US Capital Markets acted as initial purchasers and dealer managers; Banco Santander Argentina, and Banco de Galicia y Buenos Aires acted as local placement agents; and Citibank acted as collateral agent. The Bank of New York Mellon acted as trustee, co-registrar, paying agent and transfer agent under the Indenture with YPF.

Other firms participating included Bruchou & Funes de Rioja, local counsel of YPF; Tanoira Cassagne Abogados, local counsel to the underwriters; Milbank, international counsel to the underwriters; and Jones Walker, counsel to The Bank of New York Mellon.

YPF is Argentina’s leading energy company and operates a fully integrated oil and gas chain with leading market positions in all upstream, industrialisation, marketing and gas and power segments in the country.

Fernando Gómez Zanou, Marina Quinteiro, Francisco Gaspari, Paola Garbi and Valeria Moglia acted as in-house counsels for YPF.

Cleary’s team was led by partner Juan Giráldez (pictured), and included associates Ignacio Lagos and Martin Sasson, law clerk Nicole Mueller, and international lawyer Juan Ignacio Leguizamo. Senior attorney Victor Chiu advised on security interest matters. Partner Matthew Brigham and associate Nathaniel Pribil advised on tax matters. Juan Giráldez is based in Sao Paulo. All other lawyers are based in New York.

Bruchou & Funes de Rioja’s team was led by partner José Bazán, assisted by associates Leandro Belusci, Josefina Mortola Saiach, Facundo Suárez Loñ and Teo Panich.

Tanoira Cassagne’s team included partners Alexia Rosenthal, Jaime Uranga and Rocío Carrica, as well as associates Ignacio Criado Díaz, Carolina Mercero and Juan Manuel Simó.

Milbank’s team comprised partner Carlos Albarracín, associates Gonzalo Guitart and Ian Hunley, and international lawyer Pamela Molina.

Jones Walker’s team was represented by partners Scott T. Zander and Wish Ziegler.

L Giselle Estrada