2024-01-11 16:51:00
The state company YPF announced the placement of US$800 million export-backed bonds. This first action in the international market by the oil company andn four and a half years It takes place at a key moment regarding the trial taking place in the United States and an imminent definition of the judge Loretta Preska regarding the possibility of seizure assets of the National State.
Las Negotiable Obligations they count with a final maturity set for seven yearsmore specifically on January 17, 2031, and an interest rate of 9.50%with a performance of 9,75%.
“Is regarding one of the company’s largest debt issues and represents the reopening of international markets for Argentine corporate issuers“, highlighted the company, through an official statement.
Although the oil company had received offers for a nominal value of more than US$1.8 billion, decided to issue US$800 millionin a debt placed whose transaction was carried out, at an international level, through Citigroup Global Markets Inc., Santander Investment Securities Inc. y JP Morgan Securities LLC. For their part, local placement agents were Banco Santander and Banco de Galicia.
As detailed, the company will allocate the funds obtained “for debt refining and to finance its investment plan focused on the development of Vaca Muerta and the growth of the production of unconventional hydrocarbons”.
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YPF seeks to protect assets in anticipation of the definition of Preska
And the fact that they are supported by exports It is not minor. As detailed Sebastian MarilCEO of Latam Advisorwith this “The oil royalties are safe from any attempt to seize by the beneficiaries of the ruling in the expropriation case.”
However, and through your account X (ex Twitter)the expert clarified that, if in 9 or 12 months, the “Court of Appeals once more incorporates YPF into the case, those guarantees will be in the sights of the plaintiffs yes Argentina before has not reached an agreement with them“.
YPF placed 7-year debt in international markets (NY Law) guaranteed by exports. Very good there.
– Oil royalties are safe from any seizure attempt by the beneficiaries of the ruling in the expropriation case.
– However, if in 9-12 months the…— Sebastian Maril (@SebastianMaril) January 10, 2024
This, in a framework in which Judge Loretta Preska’s determination is anticipatedwho might reject the extension requested by the Government of Javier Milei and thus enable the fund Burford Capital to ask embargoes once morest national assets abroad due to the trial of US$16,000 million.
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Said amount is the fixedfollowing “proposed judgment” drafted by the parties, as “consequence” of the “economic damages” related with the nationalization of 51% of the shares of the company during Cristina Kirchner’s mandate, to the Spanish Repsol.
Through a letter, written through the study Sullivan & Cromwell LLPa firm that represents Argentina in the case, The State had requested that last January 10 not be recognized as the deadline to present guarantees. Although there was still no definition from New York.
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