Juan Francisco Méndez, José Martínez de Hoz, Pablo Schreiber and José Bazán

Different firms act in $400m issue of Pan American Energy Argentina

Different firms provided legal advice in the local and international offering of Pan American Energy (Argentine Branch) for a total face value of USD $400,000,000,000 of negotiable obligations due 2032, guaranteed by Pan American.

The Notes will accrue interest at a fixed interest rate of 8.500% nominal per annum. Interest will be paid semi-annually in arrears on 30 April and 30 October of each year, beginning on 30 October 2024. The principal of the Notes will be repaid in three consecutive annual instalments on 30 April 2030, 30 April 2031 and on the final maturity date of the Notes, 30 April 2032.

The Offering was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933.

The closing of the Offering occurred on 30 April.

Simpson Thacher & Bartlett and Martinez de Hoz & Rueda have advised Pan American Energy in the US and Argentina, respectively; while Bruchou & Funes de Rioja advised the initial purchasers and underwriters locally, and Linklaters acted as advisor to the initial purchasers and underwriters in Spain and the US.

Citigroup Global Markets, Itau BBA USA Securities, J.P. Morgan Securities and Santander US Capital Markets acted as initial purchasers of the offering outside Argentina. Banco de Galicia y Buenos Aires and Banco Santander Argentina acted as local placement agents for the offering in Argentina. The Bank of New York Mellon acted as trustee, registrar, paying agent and transfer agent under the indenture agreement entered into with the Branch, and Banco Santander Argentina acted as agent for the trustee in Argentina.

Pan American Energy is a leading integrated energy company with upstream and downstream operations in Argentina, as well as upstream operations in Bolivia and Mexico.

Gonzalo Fratini Lagos, Fernando Fresco and Dolores Reimundes acted as in-house counsels to Pan American Energy Argentina.

Emmet Marvin & Martin acted as trustee counsel through partner Christopher Murray.

Simpson Thacher’s team included partner Juan Francisco Méndez (pictured left), associate Jon Vicuña and international associate Hernán Alal. Jonathan Cantor and Tova W. Pfeffer advised on tax matters.

Martinez de Hoz & Rueda’s team included partners José Martinez de Hoz, grandson (pictured centre, left), and Pablo Schreiber (pictured right) and associates Luisina Luchini and Julieta Soliverez. Jimena Vega Olmos and Maximiliano Batista also participated.

Linklaters’ US team consisted of partners Conrado Tenaglia and Matthew Poulter, counsel Emilio Minvielle, associate Juan Mata, foreign associate Ramón Augusto Poliche and paralegal Thomas Tiphaine. The team at Linklaters Spain comprised partner Pablo Medina and associates Héctor Garrido and Santiago García.

Bruchou & Funes de Rioja’s team was led by partner José Bazán (pictured right), with support from associates Manuel Etchevehere, Quimey Lía Waisten and Malena Tarrío.

L Giselle Estrada