José Bazán, Juan Giráldez, Carlos Albarracín, Alexia Rosenthal, Rocío Carrica and Ignacio Criado

Different firms advise on new issue of YPF Notes

Different firms have advised YPF and the arrangers and underwriters in the issuance of Class XXXI notes.

The issue was made on September 11, where the Notes were denominated and payable in US dollars, at a fixed interest rate of 8.750% and maturing on September 11, 2031, for a par value of US$ 500,000,000, under the frequent issuer regime of the Comisión Nacional de Valores (National Securities Commission). 

Bruchou & Funes de Rioja acted as local counsel to YPF and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to YPF in New York, while TCA Tanoira Cassagne and Milbank advised the international underwriters and the local placement agents locally and in New York, respectively. Jones Walker advised The Bank of New York Mellon.

YPF will use the proceeds for (a) the repayment and/or refinancing of debt, which may include the payment of the consideration relating to the Offers to Purchase; (b) investments in fixed assets located in Argentina; (c) working capital in Argentina; (d) the acquisition of companies or businesses located in Argentina; (e) capital contributions and/or financing of business activities of certain of our subsidiaries or related companies; and/or (f) general financing needs related to our business activities. While such use of funds is pending, the proceeds from the sale of the Notes may be invested in temporary investments, including, without limitation, high quality marketable securities, time deposits and money market instruments.

The Notes will be listed on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market of the Luxembourg Stock Exchange, on the Mercado Abierto Electrónico and on Bolsas y Mercados Argentinos.

Citigroup Global Markets, Santander US Capital Markets, J.P. Morgan Securities and Bofa Securities acted as arrangers and international underwriters; BBVA Securities acted as international underwriter; and Banco Santander Argentina, Banco de Galicia y Buenos Aires and Balanz Capital Valores acted as local underwriters. The Bank of New York Mellon acted as trustee, co-registering agent, paying agent and transfer agent under the Indenture entered into with YPF.

YPF is the largest Argentine company engaged primarily in the exploitation of hydrocarbon resources in the Republic of Argentina.

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

Bruchou & team was led by partner José Bazán (pictured top left) and associates Leandro Belusci, Branko Serventich and Teo Panich.

Cleary’s team included partner Juan G. Giráldez (pictured top centre), associates Ignacio Lagos and Martín Sasson and international lawyer Juan Ignacio Leguízamo

TCA’s team was composed of partners Alexia Rosenthal (pictured bottom left), Rocío Carrica (pictured bottom centre) and Ignacio Criado Díaz (pictured bottom right) and associates Carolina Mercero and Stefanía Lo Valvo.

Milbank’s team consisted of partner Carlos Albarracín (pictured top right), associate Gonzalo Guitart and international lawyer Pamela Molina

Jones Walker’s team was represented by partner Scott T. Zander

L Giselle Estrada

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