We advised the initial purchasers and the local placement agents in Pan American Energy, S.L., Argentine Branch’s issuance of Notes for US$400,000,000
Pan American Energy, S.L., Argentine Branch (the”Branch“), an Argentine branch of Pan American Energy, S.L.,a company organized in the Kingdom of Spain (“Pan American“), made a local and international offer (the “Offer“) for a total nominal value of US$400,000,000 (four hundred million United States dollars) of Notes due in 2032, guaranteed by Pan American (the “Bonds“).
The Bonds will accrue interest at a fixed interest rate of 8.500% per annum. Interest will be paid semi-annually in arrears on April 30th and October 30th of each year, commencing on October 30th, 2024. The principal of the Bonds will be amortized in three consecutive annual installments on April 30th, 2030, April 30th, 2031, and on the final maturity date of the Bonds, April 30th, 2032.
Citigroup Global Markets Inc., Itau BBA USA Securities Inc., J.P. Morgan Securities LLC,and Santander US Capital Markets LLC acted as initial purchasers of the Offer outside Argentina. Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Argentina S.A. acted as local placement agents for the Offer in Argentina. The Bank of New York Mellon acted as trustee, registrar, paying agent, and transfer agent under the trust agreement (indenture) entered into with the Branch, and Banco Santander Argentina S.A. acted as the trustee’s representative in Argentina.
The closing of the Offer occurred on April 30th, 2024.
Legal Advisors to Initial Purchasers and Local Placement Agents
Bruchou & Funes de Rioja‘s Banking & Capital Markets Department: Partner José Bazán and associates Manuel Etchevehere, Quimey Waisten, and Malena Tarrío.
Linklaters LLP, New York, United States: Partners Conrado Tenaglia and Matthew Poulter, counsel Emilio Minvielle, associate Juan Mata, foreign associate Ramón Augusto Poliche, and paralegal Thomas Tiphaine.
Linklaters LLP, Madrid, Spain: Partner Pablo Medina and associates Héctor Garrido and Santiago García.
Legal Advisors to Pan American Energy, S.L., Argentine Branch
In-house Legal Team: Gonzalo Fratini Lagos, Fernando Fresco, and Dolores Reimundes.
Simpson Thacher & Bartlett LLP, New York, United States: Partner Juan Francisco Mendez, associate Jon Vicuña, and international associate Hernán Alal.
Martínez de Hoz & Rueda: Partners José Martínez de Hoz (grandson) and Pablo Schreiber, and associates Luisina Luchini and Julieta Soliverez. Partner Jimena Vega Olmos (exchange) and Maximiliano Batista (tax).
Legal Advisors to the Trustee
Emmet, Marvin & Martin, LLP: Partner Christopher Murray