Multi-firms represent YPF’s issuance of US$1.1 billion
Cleary Gottlieb Steen & Hamilton, Bruchou & Funes de Rioja, Milbank, and TCA Tanoira Cassagne have advised on YPF’s issuance of US$1.1 billion in senior notes due 2034. The transaction took place on January 17, 2025 and the notes will be listed on the Luxembourg Stock Exchange’s Euro MTF Market, as well as on the Mercado Abierto Electrónico and Bolsas y Mercados Argentinos.
YPF, Argentina’s leading hydrocarbon products company, issued the fixed annual interest rate senior notes under the frequent issuer regime of the Argentine Securities Commission.
On January 16, 2025 YPF announced the expiration and final results of its cash tender offer for any and all of its outstanding 8.500% Senior Notes due 2025 (the “2025 Notes” and the “Tender Offer”, respectively). Eligible holders tendered 2025 Notes for a value of US$314,922,000.
These 2025 Notes were purchased and canceled by YPF on January 17, 2025. The remaining outstanding principal amount of the 2025 Notes will be redeemed on February 17, 2025.
BBVA Securities, Deutsche Bank Securities, Itau BBA USA Securities, and Santander US Capital Markets acted as initial purchasers. Latin Securities, agente de valores acted as book-runner. Banco Santander Argentina, Banco de Galicia y Buenos Aires, Balanz Capital Valores, Macro Securities, Latin Securities, and Banco CMF acted as local placement agents. The Bank of New York Mellon acted as Trustee, co-registrar, principal paying agent, and transfer agent under the indenture signed with YPF; and Banco Comafi as Registrar, paying agent, transfer agent, and representative of the trustee in Argentina.
The legal teams advising on this transaction included several key players, featuring Bruchou & Funes de Rioja, representing YPF, with a team led by partner José Bazán (pictured top left) and associates Leandro Belusci, Branko Serventich, Malena Tarrío, Quimey Waisten, and Lucia de Luca.
Cleary Gottlieb Steen & Hamilton LLP, acting as New York legal counsel to YPF, with a team led by partner Juan G. Giráldez (pictured top center) and associates Ignacio Lagos, Juan Ignacio Leguízamo, and Lucas Davidenco.
TCA Tanoira Cassagne, advising the Initial Purchasers, Book-Runner, Local Placement Agents, Dealer Managers, and Local Dealer Managers, with a team led by partners Alexia Rosenthal (pictured bottom right), Rocío Carrica (pictured bottom center), and Ignacio Criado Díaz (pictured bottom right), along with associates Carolina Mercero and Stefanía Lo Valvo.
Milbank, serving as New York legal counsel to the initial purchasers and other financial intermediaries, with a team led by partner Carlos Albarracín (pictured top right), special counsel Gonzalo Guitart, associates Agustin Videla and Pamela Molina, and international lawyer Manuel Etchevehere.
