We advised on a USD 900 million senior secured syndicated loan to finance the San Matías Pipeline project
Baker Botts and Bruchou & Funes de Rioja advised San Matías Pipeline S.A. (“SMP”), a special purpose vehicle formed by Pan American Energy, YPF, Pampa Energía, Harbour Energy and Golar LNG, and Milbank and Beccar Varela advised the lenders, in connection with a USD 900 million senior secured syndicated loan to finance the construction of the San Matías Pipeline project.
The financing was led by four top-tier international banks (Citi, JP Morgan, Santander and Itaú) (the “Lenders”).
The project’s construction is scheduled to run from 2026 through mid-2028, covering the 472-km pipeline connecting Tratayén, Neuquén province, with the Gulf of San Matías, Río Negro, with a transport capacity of approximately 27 million cubic meters of gas per day.
The transaction marks a milestone for Argentina, securing financing for the infrastructure needed to integrate Vaca Muerta gas production with liquefaction and export capacity on the Atlantic coast. This is a strategic step in unlocking Vaca Muerta’s full potential and advancing the industry’s goal of establishing Argentina as a global LNG exporter.
Legal counsel to SMP S.A.:
Local:
Bruchou & Funes de Rioja: Partners: José María Bazán (Banking – Project Finance), Leandro Exequiel Belusci (Banking – Project Finance), Pablo Muir (Tax) and Nicolás Dulce (O&G – M&A). Associates: Quimey Lia Waisten (Banking – Project Finance), Marco Haas (Banking – Project Finance), Santiago Martín (Banking – Project Finance), Cecilia Calosso (Tax), María Gulias (O&G – M&A) and Lucas Rosso Alba (Tax).
International:
Baker Botts: Partners: Mark Castillo-Bernaus and Veronica Relea. Counsel: Nic Kennedy. Associates: Therese Detablan and Jennifer O’Donoghue.
Legal counsel to the Lenders:
Local:
Beccar Varela: Partners: Ricardo Castañeda, Jimena Vega Olmos, Lucia Degano and Enrique López Rivarola. Associate: Mora Mangiaterra Pizarro.
International:
Milbank: Partners: Carlos Albarracín, Aled Davies and David Gartside. Special counsel: Adam Cowan. Associates: Artem Gorodilov, Henry Morris, Agustin Videla and Josefina Arana Baldeón.
Legal counsel to Pan American Energy:
In-house: Juan Pablo Fratantoni and Teo Panich.
Legal counsel to YPF:
In-house: Fernando Gómez Zanou and María Inés Cappelletti.
O’Farrell: Partner: Sebastian Luegmayer. Senior counsel: Nicolás Fernandez Madero.
Legal counsel to Pampa Energía:
In-house: María Agustina Montes and Maite Zornoza.
Legal counsel to Harbour:
In-house: Matías Giménez Gowland and Franco Lenzi.
Martínez de Hoz & Rueda (MHR): Partner: Martín Lepiane.
Legal counsel to Golar LNG:
In-house: Pernille Noraas, Elizabeth Lord and Alejandro Figueroa.
Nicholson y Cano: Partners: Mariana Guzian and Emiliano Silva. Associates: Sofia Ravenna and Candela Da Silva.
Legal counsel to the Citibank and Citibank Argentina
(as administrative agent, intercreditor agent, offshore collateral agent, offshore account bank, onshore security trustee and onshore escrow agent)
International:
Nixon Peabody: Partners: Jonathan Winnick, Michael Tentindo and Elizabeth Taraila.
Local:
TCA Tanoira Cassagne: Partners: Alexia Rosenthal and Ignacio Criado Díaz. Associate: Teófilo Trusso.
