#Argentina #Buenos Aires #Tender Offers #YPF Sociedad

YPF Sociedad Anónima's New Tender Offers for Securities

On September 7, 2026, YPF Sociedad Anónima, a prominent Argentine oil and gas company, took a significant step by announcing the commencement of cash tender offers aimed at repurchasing outstanding securities. The company has set a maximum purchase price of U.S. $500,000,000 for these securities, which will include various types of senior notes and step-up amortizing notes. This initiative demonstrates YPF’s proactive approach in managing its capital structure and financial obligations.

Tender Offers Overview

The tender offers, referred to as "Tender Offers", are designed to acquire outstanding securities specified in YPF's official release. Key details include:

• - The principal amount outstanding of the securities ranges from over $640 million to about $643 million for different series.
• - Two specific securities highlighted include:

- 6.950% Senior Notes due 2027: With a maximum acceptance priority level of 1, offering a consideration of U.S. $1,017.50 per $1,000 principal amount.
- 2.500%/9.000% Step Up Amortizing Notes due 2029: This security features a maximum acceptance priority level of 2, with a proposed consideration of U.S. $1,042.00 per $1,000 principal.

Holders of these securities are encouraged to take part in the tender offers before they expire on September 16, 2026, at 5:00 PM New York City time and 6:00 PM Buenos Aires time. Importantly, participants can withdraw their tendered securities before this deadline, allowing them flexibility while engaging in this financial opportunity.

Key Conditions and Priorities

In line with YPF’s Offer to Purchase, the tender offers are subject to precise terms and conditions. Notably:

• - The acceptance of securities will follow a defined priority level, starting with the lowest numerical value first.
• - YPF is expected to favor investors who have tendered their securities in this offer when allocating new notes in any subsequent offerings.

This structured approach to the tender offer aims to ensure that YPF can adequately meet its purchasing obligations while providing investors with a fair and transparent process.

Process and Timeline

The settlement date for accepted securities is anticipated for September 18, 2026, providing a prompt timeline for interested investors. Funds for the accepted securities will be disbursed on this day, though investors are advised that any delays in clearing could affect the transaction.

Furthermore, should YPF decide to expand, modify, or terminate the tender offers, such changes will be communicated publicly as mandated by securities laws.

Engaging the Market

YPF has enlisted several dealer managers to facilitate the tender offers, including renowned financial entities like BBVA Securities Inc. and J.P. Morgan Securities LLC. Investors seeking more details about these offers can reach out to these designated dealer managers for clarity and support.

Conclusion

YPF’s announcement marks an important moment in its financial strategy, as the company seeks to optimize its securities portfolio while potentially benefitting investors holding the specified securities. As the tender offers proceed, investors will navigate this opportunity with the hope of capitalizing on favorable market conditions. Given the current economic landscape, YPF's proactive measures reflect its commitment to maintaining financial health and shareholder value.