October 8, 2025

Milbank Advises Lender on $300M Senior Bridge Loan for YPF

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Milbank LLP advised Banco Santander, S.A. as initial lender in connection with a senior bridge loan facility in an aggregate principal amount of $300 million granted to YPF S.A. to finance in part YPF’s acquisition of the participation of Total Austral S.A. in La Escalonada and Rincón La Ceniza shale oil and gas fields located in Neuquén, Argentina.

Located in the Vaca Muerta shale formation, the Rincón La Ceniza and the La Escalonada blocks are currently in a pilot development phase. Total Austral’s partners in these blocks are Gas y Petroleo de Neuquen (10%) and O&G Developments Ltd S.A (45%), owned by Shell. Argentina’s Vaca Muerta shale formation is the world’s second-largest unconventional gas reserve.

The success of this transaction follows Milbank’s representation of YPF in the $500 million definitive agreement with Total Austral S.A. to acquire a 45% interest in Rincón La Ceniza and La Escalonada.

The Milbank deal team was led by Corporate Finance and Securities partner Carlos Albarracin with special counsel Gonzalo Guitart, associate Fernando Quezada and international attorney Hugo Bruzone.