Milbank LLP represented the dealer managers, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc. and Santander Investment Securities Inc., in connection with the Exchange Offers and Consent Solicitation made pursuant to the exchange offer and consent solicitation memorandum dated January 7, 2021, as most recently amended on February 7, 2021 (the "Exchange Offer and Consent Solicitation Memorandum") by YPF S.A., Argentina’s state-owned oil and gas company.
The offers included exchanges of seven existing series of bonds totaling over $6 billion and gave holders of these series of notes with maturity dates ranging from 2021 to 2047 the chance to swap their debt for new notes due 2026, 2029 and 2033.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín, along with associates Pablo Richards, Gonzalo Guitart, David Cochran, Jesus Narvaez, and Marcela Barba. Partner Andrew Walker and associate David Hanno provided tax advice on the transaction.
Mr. Albarracín said: “Milbank is pleased to represent the dealer managers in this innovative transaction, which will allow YPF to direct its resources toward productive investments as it looks to bounce back from the negative effects of the Covid-19 pandemic on its business and industry.”
Milbank was recently involved in other Argentine debt restructurings, including by Argentine provinces Chubut and Cordoba. Milbank had previously advised on a number of significant YPF debt transactions, including the company’s bond exchange offer in 2020, its first‑ever $750 million 30-year offering of senior notes, the first-ever Argentine peso denominated bond offering under its US$10 billion medium term notes program and its first-ever Rule 144A floating-rate note issuance.
