Cleary represents Pampa Energía in exchange offer
Cleary Gottlieb has represented Pampa Energía in its offer to exchange any and all of its outstanding 7.375% Notes due 2023 for newly issued 9.500% Notes due 2026 and certain cash consideration, as applicable.
The exchange offer was launched on 16 June 2022, expired on 29 July 2022 and settled on 8 August 2022.
Upon settlement, Pampa issued US$292,796,835 aggregate principal amount of new notes and paid US$122,127,894.75 in cash as aggregate consideration for the existing notes validly tendered in the exchange offer. The participation in the exchange offer amounted to US$407,093,000 aggregate principal amount of the 7.375% notes due 2023, representing 81.4% of the aggregate principal amount of the outstanding notes.
The joint global coordinators and lead managers of the exchange offer were Citigroup Global Markets Inc. and Santander Investment Securities Inc. BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC acted as joint dealer managers.
Pampa is an independent energy company in Argentina, involved in the electricity and gas value chains, engaged in electricity generation and transmission, oil and gas exploration and production, petrochemicals, hydrocarbon marketing and transportation, and oil refining and distribution.
Cleary’s corporate team included partner Juan Giraldez (pictured) and international lawyers Rodrigo López Lapeña, Sofía Montes de Oca and José Fuentes. Counsel Matt Brigham and associate Jeeihn Lee advised on tax matters.
