Different firms in Vista’s first international issuance
Bruchou & Funes de Rioja and Cleary Gottlieb Steen & Hamilton have advised locally and internationally, respectively, Vista Energy Argentina, and Salaverri Burgio Wetzler Malbrán and Linklaters advised the initial purchasers and underwriters in the local and international issuance of its Class XXVII notes.
The issuance took place on 10 December, where the Class XXVII simple non-convertible debentures were denominated, to be integrated and payable in US dollars abroad, maturing on 10 December 2035, and will bear interest at a fixed annual nominal rate equivalent to 7.625%. Interest will be paid semi-annually, commencing on 10 June 2025 until maturity.
The Notes are governed by New York Law and were issued for a nominal amount of US$600,000,000 (six hundred million United States Dollars), under the global programme for the issuance of short, medium or long-term simple negotiable obligations (not convertible into shares) for a maximum amount of up to US$3,000,000,000,000 (three billion United States Dollars) (or its equivalent in other currencies or units of value or measurement), approved by the Comisión Nacional de Valores (National Securities and Exchange Commission).
The principal of the Notes will be redeemed in three (3) consecutive annual instalments: (i) the first on 10 December 2033, equivalent to 33% of the principal; (ii) the second on 10 December 2034, equivalent to 33% of the principal; and (iii) the third on 10 December 2035, equivalent to 34% of the principal.
The transaction was conducted in accordance with Rule 144A and Regulation S of the US Securities Act.
The Notes have been admitted for listing on the Argentine Stock Exchanges and Markets and authorised for trading on the Mercado Abierto Electrónico.
Citigroup Global Markets, Deutsche Bank Securities, Itau BBA USA Securities, JP Morgan Securities and Santander US Capital Markets acted as international purchasers; and Banco Santander Argentina, Banco de Galicia y Buenos Aires, Balanz Capital Valores, Latin Securities, and Macro Securities, acted as local underwriters. The Bank of New York Mellon acted as trustee, registrar, paying agent and transfer agent under the indenture entered into with Vista and Banco Santander Argentina, the latter in its capacity as representative of the trustee in Argentina, registrar and transfer agent in Argentina and paying agent in Argentina.
Bruchou’s team was composed of partner José María Bazán (pictured left), together with associates Ramón Augusto Poliche, Sofia Maselli and Branko Serventich.
Cleary Gottlieb’s team included partners Juan G. Giráldez (pictured centre, left) and Manuel Silva (pictured centre), and associates Ignacio Lagos, Rodrigo Lopez Lapeña and international lawyer Lara Gómez Tomei.
Salaverri’s team was led by partner Roberto Lizondo (pictured centre, right), with support from associates Josefina Ryberg, Santiago Linares Luque, Melania Gadea and Santiago Ireneo Lubinski.
Linklaters’ team comprised partner Matthew Poulter (pictured right) and consultant Emilio Minvielle, together with associates Thomas Lemouche and Madeleine Blehaut.
