We advised the initial purchasers and the local placement agents on Pan American Energy’s international issuance of Notes for US$375,000,000
Pan American Energy, S.L., Sucursal Argentina (the “Branch”), the Argentine branch of Pan American Energy, S.L., a company organized under the laws of the Kingdom of Spain (“Pan American”), carried out a local and international offering (the “Offering”) for a total aggregate principal amount of US$375,000,000 (United States dollars three hundred seventy‑five million) of notes due 2037, guaranteed by Pan American (the “Notes”).
The Notes will bear interest at a fixed annual nominal rate of 7.750%. Interest will be paid semi‑annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2026. The principal of the Notes will be amortized in three consecutive annual installments: on January 15, 2035, in an amount equal to 33% of the original principal amount of the Notes; on January 15, 2036, in an amount equal to 33% of the original principal amount of the Notes; and on the final maturity date of the Notes, on January 15, 2037, in an amount equal to 34% of the original principal amount of the Notes.
Citigroup Global Markets Inc., Itaú BBA USA Securities Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as initial purchasers of the Offering outside Argentina. Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., and Banco Santander Argentina S.A. acted as local placement agents for the Offering in Argentina. The Bank of New York Mellon acted as trustee, registrar, paying agent and transfer agent under the indenture entered into with the Branch, and Banco Santander Argentina S.A. acted as the trustee’s representative in Argentina.
The Offering closed on January 15, 2026.
Legal advisors to the Initial Purchasers and the Local Placement Agents
Linklaters LLP, New York, United States
Partners Matthew Poulter and Emilio Minvielle, counsel Marcelo Arellano and foreign associate Francisco Algorta.
Bruchou & Funes de Rioja
Banking & Capital Markets Department: Partner José Bazán and associates Manuel Etchevehere, Francisco Mendioroz and Facundo Suárez Loñ.
Legal advisors to Pan American Energy, S.L., Argentine Branch
In‑house Legal Team
Juan Pablo Fratantoni, Dolores Reimundes and Teo Panich.
Simpson Thacher & Bartlett LLP, New York, United States
Partner Juan Francisco Méndez, associate Isabel De Carvalho and international associate Belén Di Cola.
Martínez de Hoz & Rueda
Partners José Martínez de Hoz (nieto) and Pablo Schreiber, and associates Luisina Luchini and Catalina Vázquez.
Legal advisors to the Trustee
Emmet, Marvin & Martin, LLP
Partner Christopher Murray.
