DLA Piper advises bondholder committee in YPF's exchange offers and consent solicitation

NEW YORK, March 4, 2021 /PRNewswire/ -- DLA Piper represented an ad hoc bondholder committee comprising some of the largest holders of the international notes of Argentine leading energy company, YPF S.A. ("YPF"), in YPF's recent US$6.2 billion exchange offers and consent solicitation constituting the largest corporate liability management transaction in Argentina to date.

As a result of the successful transaction, approximately 60 percent of holders of YPF's 2021 notes exchanged their debt for approximately US$775 million of new secured notes due 2026 and US$101 million in cash, thereby securing access to the Argentine foreign exchange market and averting the risk of default. Noteholders across six other series of notes who agreed to exchange received approximately US$748 million of new notes due 2029 and US$576 million of new notes due 2033.

"We were pleased to bring to bear our extensive international capital markets experience to advise this group of creditors on YPF's exchange offer and consent solicitation to ensure a satisfactory resolution," said Marcelo Etchebarne (New York), country head of DLA Piper Argentina, who led the firm's deal team along with DLA Piper partner Nicolas Teijeiro (based in Buenos Aires).

DLA Piper's global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investments grade and high-yield debt securities.

DLA Piper's Energy sector lawyers advise regulators, the regulated, investors and other industry participants on the implications of the regulatory framework during the planning, development and operational stages of many energy projects and activities. For decades, the firm has represented organizations operating in the sector throughout the world, with a global team serving clients in the power, oil and gas, renewable, nuclear, energy trading, climate change and water markets. In addition to energy companies, the firm's clients also include project sponsors, corporations, developers, financial institutions, governments, utilities and regulatory bodies.

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SOURCE DLA Piper