O’Farrell and TCA advise on issuance of YPF Energía Eléctrica
Estudio O’Farrell has advised YPF Energía Eléctrica and Tanoira Cassagne Abogados has advised the underwriters in the placement of the Class XI and Class XII Notes.
The Class XI Notes were issued for a par value of US$15,000,000 and mature in 2024, while the Class XII Notes for a par value of US$85,000,000 mature in 2026, both partially integrated in kind with Class IV Notes, Additional Class IV Notes and Class VIII Notes and partially in cash,
The issue was made under the Global Programme for the Issuance of Simple Negotiable Obligations (not Convertible into Shares) for a maximum amount outstanding at any time of US$1,500,000,000 (or its equivalent in other currencies).
Banco de Galicia y Buenos Aires, Banco Santander Argentina, Banco Macro, Macro Securities, Banco Supervielle, BNP Paribas Sucursal Buenos Aires, Industrial and Commercial Bank of China (Argentina), SBS Trading, Allaria Ledesma & Cía, Balanz Capital Valores, TPCG Valores, BACS Banco de Crédito y Securitización, Nación Bursátil and Banco Patagonia acted as underwriters.
The Class XI Notes were tendered at a price of 108.38% of par value. Accordingly, the yield will be -4% TNA. The Class XII Notes offered an interest rate of 0%.
The Class XI and XII Notes have been authorised for listing on the Mercado Abierto Electrónico (MAE).
YPF Energía Eléctrica is an electricity generation and commercialisation company, subsidiary of YPF (75.01% of the share capital) and GE EFS Power Investments (24.99% of the share capital).
Carlos Dionisio Ariosa and José María Krasñansky acted as in-house counsel to YPF Energía, while Solange Spinelli and Pablo Vidal Raffo acted as in-house counsel to BACS Banco de Crédito y Securitización.
Estudio O’Farrell’s team included partners Uriel F. O’Farrell and Sebastián Luegmayer and associate Maria Catalina Iglesias Paiz.
TCA’s team was led by partners Alexia Rosenthal (pictured left) and Jaime Uranga (pictured right), with support from associates Ignacio Criado Díaz, Carolina Mercero, Agustín Astudillo and Matías Molina.
