YPF encourages other bondholders to participate in exchange/consent

Chicago, Feb. 2 – Argentina’s YPF SA responded to a group of noteholders claiming to hold 45% of the 2021 old notes who stated on Tuesday their unwillingness to participate in the exchange offers by encouraging them to participate in the exchange offer and consent solicitation if they wish to preserver their investments, according to a press release.

The company said that the investors in the group have not identified themselves publicly.

The company asserts that it has engaged in good faith with market participants since the launch of the offers on Jan. 7, amending the offers and incorporating constructive feedback.

The group representing 45% of the 2021 old notes only recently approached the company, submitting requests as recently as this past weekend.

The company responded promptly and adjusted the terms of the offers, realistically assessing its liquidity.

The company amended the offer for the 2021 notes on Monday, increasing the cash consideration and decreasing the amount of notes issued in the exchange.

YPF states that if the transactions are not successfully accomplished, “...[A]ny restructuring alternatives that YPF may be able to implement could be on terms less favorable to the holders of old notes.”

YPF is a petroleum and natural gas company based in Buenos Aires.

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