Milbank LLP represented YPF S.A., Argentina’s state-owned oil and gas company, in its offer to exchange approximately $587 million 8.500% senior notes due 2021 for approximately $540 million aggregate principal amount of newly issued 8.500% senior amortizing notes due 2025 and a cash payment of approximately $90 million.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín, along with associates Gonzalo Guitart and Andi Hasaj. Partner Andrew Walker and associate Benjamin Heller provided tax advice on the transaction.
Mr. Albarracín said: “Milbank is pleased to represent YPF in another significant transaction. This bond exchange has enabled YPF to refinance short-term maturities in order to maintain financial flexibility during very challenging times for the oil & gas sector, both in Argentina and around the world.”
Milbank has previously advised on a number of significant YPF debt transactions, including the company’s 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 the first-ever Rule 144A floating-rate interest issuance based on the BADLAR rate in effect in Argentina.
State-owned YPF, Argentina's leading energy company, operates a fully integrated oil and gas chain with leading market positions across the domestic upstream, downstream and gas and power segments.
