Multiple firms assist in Pampa exchange offer
Multiple firms have advised on Pampa Energía’s exchange of its outstanding 7.375% fixed rate series T notes due 2023 (originally issued by Petrobras Argentina) for new 9.500% notes due 8 December 2026 and for cash consideration.
Cleary Gottlieb Steen & Hamilton LLP and Salaverri Burgio & Wetzler Malbrán acted as counsel to Pampa in New York and locally, respectively; while Bruchou & Funes de Rioja and Davis Polk & Wardwell LLP acted as counsel to the dealer managers and the placement agents locally and in New York, respectively.
The exchange was completed on 8 August under the terms of the prospectus and exchange supplement and Exchange Offering Memorandum, both dated 16 June 2022 (as subsequently amended).
As a result of the transaction, Pampa has acquired a US$407,093,000 equity interest in the Existing Notes, representing approximately 81.4% of the principal amount of the outstanding Existing Notes.
Citigroup Global Markets, Santander Investment Securities, BNP Paribas Securities, HSBC Securities (USA), and J.P. Morgan Securities acted as dealer managers; while Banco de Galicia y Buenos Aires, Industrial and Commercial Bank of China (Argentina) and Balanz Capital Valores acted as local placement agents.
Pampa Energía is a company dedicated to the energy, gas and oil market in Argentina.
Pampa’s in-house team consisted of María Agustina Montes, Juan Manuel Recio and Maite Zornoza as in-house lawyers, and Patricio Benegas, Debora Tortosa Chavez and Julieta Castagna as in-house financial advisors.
Salaverri Burgio & Wetzler Malbrán’s team was led by partner Roberto Lizondo (pictured left) and associates Lucía de Miceu, Delfina Meccia and Camila Mindlin.
Cleary Gottlieb Steen & Hamilton LLP’s team included partner Juan G. Giráldez and associates Rodrigo López Lapeña, José Fuentes and Sofía Montes de Oca.
Bruchou & Funes de Rioja’s team comprised partner José Bazán (pictured right) and associates Leandro Belusci, Lucila Dorado and Manuel Rodríguez Costi.
Davis Polk & Wardwell was represented by partner Maurice Blanco and associates Katia Brener and Cristian Ragucci.
