We advised YPF on its US$1.2 billion international bond issuance and on the tender offer for certain outstanding notes
On September 18, 2026 YPF S.A. (“YPF”), the largest Argentine company mainly engaged in exploitation of hydrocarbon products and their derivatives in Argentina, issued its Class XLIV 7.550% senior notes due 2035, for an aggregate principal amount of US$1,200,000,000 under the frequent issuer regime from the Argentine Securities Commission (Comisión Nacional de Valores).
The Notes will be listed on Bolsas y Mercados Argentinos and will be admitted for negotiation on the A3 Mercados.
BBVA Securities Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as global coordinators and initial purchasers (the “Global Coordinators and Initial Purchasers”), Balanz Capital UK LLP acted as initial purchaser (the “Initial Purchaser”) and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Cucchiara y Cía S.A., Banco CMF S.A., Macro Securities S.A.U., Latin Securities S.A.U., Cocos Capital S.A. and Puente Hnos. S.A. acted as local placement agents (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent under the Indenture signed with YPF (the “Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent”) and Banco Comafi S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina.
Separately, on September 17, 2026, YPF announced the final results of its cash tender offers for its (i) outstanding 6.950% Class LIII Senior Notes due 2027 (the “2027 Notes”) and (ii) outstanding Step-Up Amortizing Class XVII Notes at 2.500%/9.000% due 2029 (the “2029 Notes”) (the “Tender Offers”).
As of September 16, 2026, 2027 Notes in an aggregate principal amount of US$318,514,000 and 2029 Notes in an aggregate principal amount of US$247,608,703 were validly tendered.
Such 2027 Notes and 2029 Notes were purchased and cancelled by YPF on September 18, 2026.
BBVA Securities Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as dealer managers (the “Dealer Managers”) and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Cucchiara y Cía S.A., Banco CMF S.A., Macro Securities S.A.U., Latin Securities S.A.U., Cocos Capital S.A. and Puente Hnos. S.A. acted as local dealer managers (the “Local Dealer Managers”).
Counsel to YPF
Bruchou & Funes de Rioja acted as legal counsel through its team led by partners José Bazán and Leandro Belusci, and associates Gonzalo Javier Vilariño and Delfina Amaya Toustau.
Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partners Juan G. Giráldez and Ignacio Lagos, and associates Juan Ignacio Leguízamo, Lucas Davidenco and Alvin Herrera Gardea.
In-House Counsel to YPF
YPF S.A. was advised by its in-house legal team comprising attorneys Fernando Gómez Zanou, Marina Quinteiro, Paola Garbi, Valeria Moglia and Inés Cappelletti.
Counsel to the Initial Purchasers, the Book-Runner and the Local Placement Agents, and the Dealer Managers and the Local Dealer Managers:
TCA Tanoira Cassagne acted as legal counsel through its team led by partners Alexia Rosenthal and Ignacio Criado Díaz and associates Lucía Viboud Aramendi and Camila Groshaus.
Milbank LLP acted as New York legal counsel through its team led by partner Carlos Albarracín, special counsel Gonzalo Guitart, associates Agustin Videla and Ronny Vaisman and international lawyer Sebastian Garcia-Lascurain Barrantes.
