New York: Leading international law firm Clifford Chance has advised The Ad Hoc Bondholder Group (the Group) with respect to the debt restructuring of 6.75% Notes due 2021 by YPF Sociedad Anónima (YPF), Argentina’s state-run energy company. The Group, composed of institutional money managers managing or advising funds and other noteholders, held approximately 45% of the 2021 Notes and additional debt securities that were subject to the YPF exchange offers. The Group’s agreement in principle with YPF with respect to the exchange offer relating to the 2021 Notes led to YPF’s fourth amendment to its exchange offer documentation and a successful restructuring of the 2021 Notes prior to the March 2021 maturity date.

YPF is expected to use money freed up by its debt restructuring to boost production in the shale oil and gas region known as Vaca Muerta in the Province of Neuquén, Argentina.

The Clifford Chance team was led by Capital Markets partners Deborah Zandstra in London, and Jon Zonis and Hugo Triaca in New York.

This closing continues the firm’s run advising landmark bond restructurings in Argentina. Most notably, the team advised the Argentina Creditor Committee on the historic sovereign debt restructuring by the Republic of Argentina and also advised on the successful consent solicitation by the City of Córdoba, Argentina and the successful debt restructuring by the Province of Entre Ríos, Argentina.