Bruchou, Fernández Madero & Lombardi advised YPF on its International Exchange Offer

Bruchou & Funes de Rioja - September 8, 2020

On July 31, 2020, YPF S.A. (“YPF”), Argentine company with leading market positions across the domestic upstream, downstream and gas and power segments, successfully concluded a liability management transaction which consisted in the issuance of its  US$542,806,000 8.50% Series XIII Notes due 2025 (the “Series XIII Notes”). The Series XIII Notes were issued amidst an international exchange offer in exchange for approximately 58.73% of its outstanding US$ 8.50% Series XLVII Notes due 2021 issued on March 23, 2016 (the “Series XLVII Notes”).

The Series XIII Notes are listed on the argentine Mercado Abierto Electrónico S.A. (“MAE”).

Application will be made to have the Series XIII Notes listed on the Luxembourg Stock Exchange for trading on the Euro MTF market and listed on the MAE.

Citigroup Global Markets Inc., Itau BBA USA SecuritiesInc. and Santander Investment Securities Inc. acted as dealer managers, and Banco Itaú Argentina S.A., acted as local placement agent.


Legal advice to YPF:

Milbank LLP: Partner Carlos T. Albarracín and associates Gonzalo Guitart and Andi Hasaj.

Bruchou, Fernández Madero & Lombardi: Partners Hugo N. L. Bruzone and José María Bazán and associates Leandro Exequiel Belusci and Santiago Duhalde.

YPF S.A.: Fernando Gómez Zanou, Francisco Gaspari and Marina Quinteiro.

Legal advice to the dealer managers, and to the local placement agent:

Linklaters LLP: Partners Conrado Tenaglia and Matthew Poulter, counsel Alejandro Gordano and associates Jairo Carvalho Lamatina and Stephanie Torres.

Tanoira Cassagne Abogados: Partners Alexia Rosenthal and Jaime Uranga and associates Rocío Carrica, Ignacio Criado Díaz, Carolina Demarco and Mariana Troncoso.