Milbank, Tweed, Hadley & McCloy LLP represented YPF Sociedad Anónima, an Argentine leading fuel exploration and production company, in its first-ever $750 million 30-year offering of senior notes and concurrent $250 million reopening of its 2027 senior notes and tender offer for its 8.875% 2018 senior notes.
The Milbank team was led by Global Capital Markets partner Carlos Albarracín along with associates Rocio Portela-Berrios and Gonzalo Guitart and international attorney Leandro Belusci.
Mr. Albarracín said: “Milbank is pleased to represent YPF in this groundbreaking offering. This offering, which is the first 30-year corporate bond by any Argentine issuer to date, demonstrates the continued widespread interest and confidence in Argentina and also in YPF’s dominance and financial strength in Argentina. This will help YPF reduce its refinancing risk by pushing debt maturities into the future while reducing the impact of changing interest rates on its financial profile.”
Milbank has previously advised on a number of significant YPF debt transactions, including the company’s 2017 first ever Argentine peso denominated bond offering under its US$10 billion medium term notes program and the 2016 first ever Rule 144A floating-rate interest issuance based on the BADLAR rate in effect in Argentina.
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.
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