Argentina’s YPF makes $800m bond issuance

The notes are secured by exports which are governed under New York Law, at a fixed interest rate of 9.50% and maturing on January 17, 2031, under the frequent issuer regime of the Argentine Securities and Exchange Commission (Comisión Nacional de Valores).

This is one of YPF's largest issuances in recent years and represents the reopening of international markets for Argentine corporate issuers.

YPF will use the proceeds to refinance debt and to finance its investment plan focused on the development of Vaca Muerta and the growth of unconventional hydrocarbons production. 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 and on the Electronic Open Market.

Citigroup Global Markets, Santander Investment Securities and JP Morgan Securities acted as international underwriters and Banco Santander Argentina and Banco de Galicia y Buenos Aires acted as the 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.

Argentine law firm Tanoira Cassagne acted as local counsel to the international and local placement agents, with a team led by partners Alexia Rosenthal, Jaime Uranga and Rocío Carrica and associates Ignacio Criado Díaz, Carolina Mercero and Juan Manuel Simó.

Milbank LLP acted as legal counsel to the international and local placement agents in New York, with a team led by partner Carlos Albarracín, associates Gonzalo Guitart and Ian Hunley and international counsel Pamela Molina.

Bruchou & Funes de Rioja acted as local counsel to YPF, with a team led by partner José Bazán and associates Leandro Belusci, Josefina Mortola Saiach, Facundo Suárez Loñ and Teo Panich.

Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to YPF in New York, with the team led by partner Juan G. Giráldez, associates Ignacio Lagos and Martín Sasson, international lawyer Juan Ignacio Leguízamo and Law Clerk Nicole Mueller.

YPF was also advised by its in-house lawyers Fernando Gómez Zanou, Marina Quinteiro, Francisco Gaspari, Paola Garbi and Valeria Moglia.

Jones Walker served as legal counsel to the trustee, co-registrar, paying agent and transfer agent, with a team led by partners Scott T. Zander and Wish Ziegler.