YPF announced the end result of its debt swap

In the information you have accessed Scope, YPF pointed out that “based on information provided by DF King & Co., Inc. (” DF King “), the Exchange Agent and Information Agent for the Exchange Offer, have been validly delivered after February 10, 2021 – and have not been validly withdrawn – exchange submission instructions related to the 2021 Existing Marketable Bonds for a principal amount of $ 570,000, until 11:59 p.m. New York time , February 25, 2021 “

“YPF has accepted the Exchange Submission Instructions granted pursuant to the Exchange Offers and the Consent Request. Subject to satisfaction or waiver of the conditions set forth in the Exchange Offer Prospectus and the Request for consent, in consideration for the existing marketable bonds accepted by the company on the date of the date, the Company intends, on the late settlement date of the existing marketable bonds 2021 (a) to issue a principal amount of $ 469,680 US 2026 Marketable Bonds, and (b) to pay US $ 161,310 in cash to Eligible Holders who have validly submitted their 2021 Notes before the late maturity date of the 2021 Existing Notes and after February 10, 2021. “

At the beginning of February, YPF concluded its debt swap by obtaining a membership of 60% of the holders of the 2021 bond, which expired at the end of next March.

“Having concluded the 2021 bond early participation period and the exchange offer for the rest of the eligible bonds, YPF has reached a short bond participation level of 60% and total bonds close to 32%, which will issue new securities in 2026, 2029 and 2033 for around $ 2,100 million, ”the oil company reported. In total, he was looking to refinance $ 6.227 million.

The latest improved offer included a proposal to creditors to receive $ 699 for every $ 1,000 of a new obligation due in 2026 and $ 408 in cash., according to a PR Newswire statement. For those who enter the trade later, the offer will be $ 824 in the 2026 bond for every $ 1,000 in the 2021 bond and $ 283 in cash.

This new condition presented a rebalancing between the amount of bonds guaranteed in 2026 and the cash offered to holders of 2021 bonds, resulting in an increase in the latter and a decrease by the same amount of the amount of obligations. This was the key to unlocking the membership of the Ad hoc group of YPF bondholders, the “hard” core which together represents 45% of holders and is made up of funds Fidelity, BlackRock, Wellington and Amundi.

According to the Group, the fourth exchange offer has been received “positively” and the members have agreed to present only their 2021 Bonds under current conditions. The bondholders, represented by Clifford Chance LLP and Bomchil as legal advisers, have 8.5% Class XLVII marketable bonds, due March 23, 2021, for a total amount of US $ 412,652,000.

Another 25% of the bonds are in the hands of the SteerCo, which integrates the fund Oaktree Management Capital, who was represented by the studio Dechert and DLA Piper, while 14% had already accepted.

As YPF sources explained, With this result of the exchange, it is possible to obtain the validation of the Central Bank in relation to the refinancing requirement required by the exchange regulations since the exchange savings achieved by 2021Considering the refinancing of the principal and interest of all the bonds that went public, it far exceeds the 60% refinancing requirement of its bond maturing in March 2021.

In addition, the sources of the monetary entity already anticipated Scope that YPF will be able to access the official market to make the payments of their due dates. The company is estimated to earn around $ 120 million. Those who entered the exchange will receive 37.5% of the principal and 3.3% interest on the total bond. For the rest, cash with an annual rate of 8.5%.

The achievement made by YPF results in an early refinancing of principal and interest payments accumulated until December 2022 for a total of $ 630 million, freeing up usable resources for productive investments according to the plan announced a few weeks ago.