FOR IMMEDIATE RELEASE
Record-breaking offering upsized from $500 million following strong demand; Milbank has advised on $3 billion in YPF offerings in the past year
NEW YORK, April 29, 2015 – In the largest corporate bond issuance on record out of Argentina, Milbank, Tweed, Hadley & McCloy LLP has represented the underwriters in the $1.5 billion offering of 10-year notes by YPF Sociedad Anonima (YPF), an Argentine fuel exploration company.
Milbank advised Bank of America Merrill Lynch and Credit Suisse in their role as initial purchasers of the securities.
The offering, which was upsized from an initial $500 million after garnering about $4 billion in investor demand, represents YPF’s second record-breaking issuance in the past year.
The Milbank team was led by Global Securities partner Carlos Albarracín, and included Tax partner Andrew Walker and associates Felipe Camara, Okeoma Moronu and Donald Canavaggio.
The latest offering exceeded YPF’s previous record issuance of $1 billion in 10-year notes in 2014, in which Milbank also advised the underwriter group. Proceeds from this latest transaction will be used for capital investments and working capital in the country.
Mr. Albarracín said, “This largest-ever bond offering by YPF, the second record issuance in as many years, demonstrates strong international investor faith in Argentina’s principal petrochemical supplier. Milbank is pleased to handle another milestone offering involving YPF.”
This past February, Milbank also advised initial purchasers in a separate $500 million bond offering by YPF – bringing to $3 billion the YPF capital markets transactions handled by Milbank in the past year.
State-owned YPF, Argentina’s largest oil company, is engaged in the exploration and production of hydrocarbons as well as the refining and distribution of chemical and petrochemical products.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.
