YPF Launches Cash Tender Offer for $346M of 8.75% Notes Due April 2024

TL;DR

**YPF is buying back $346M of its 2024 notes, a smart move to cut debt early.**

AI Summary

YPF Sociedad Anónima, an Argentine petroleum refining company, announced on January 5, 2024, a cash tender offer to buy back all of its outstanding 8.75% Class XXVIII notes due April 4, 2024, which have an aggregate principal amount of US$346,313,047.20. This move aims to reduce the company's debt burden and manage its liabilities ahead of the notes' maturity. For investors, this matters because it signals YPF's proactive approach to debt management, potentially improving its financial health and reducing future interest expenses, which could positively impact stock valuation.

Why It Matters

This tender offer allows YPF to reduce its debt and interest expenses, potentially strengthening its balance sheet and improving its financial flexibility ahead of the notes' maturity.

Risk Assessment

Risk Level: low — The tender offer is for existing debt, indicating proactive debt management rather than new financial risk.

Analyst Insight

A smart investor would view this as a positive sign of proactive financial management, potentially reducing future interest burdens and improving the company's credit profile. This could lead to a more stable stock price or even appreciation, making it a good time to hold or consider buying.

Key Numbers

• $346,313,047.20 — Aggregate Principal Amount (The total value of the 8.75% Class XXVIII notes YPF is offering to repurchase.)
• 8.75% — Interest Rate (The coupon rate of the notes being tendered, indicating the cost of debt YPF is aiming to reduce.)
• April 4, 2024 — Maturity Date (The original due date of the notes, showing YPF is addressing this debt ahead of schedule.)

Key Players & Entities

• YPF Sociedad Anónima (company) — the registrant commencing the tender offer
• US$346,313,047.20 (dollar_amount) — aggregate principal amount of notes subject to the tender offer
• April 4, 2024 (date) — maturity date of the 8.75% Class XXVIII notes
• January 5, 2024 (date) — date the tender offer was announced
• Margarita Chun (person) — Market Relations Manager for YPF S.A.

Forward-Looking Statements

• YPF's debt-to-equity ratio will likely improve in the next quarter. (YPF Sociedad Anónima) — medium confidence, target: Q1 2024 earnings report
• The company's interest expenses will decrease in future financial statements. (YPF Sociedad Anónima) — high confidence, target: Next 12 months

FAQ

Key Financial Figures

• $346,313,047.20 — er for any and all of its outstanding US$346,313,047.20 aggregate principal amount (post-amorti
• $1,000 — USP989MJAY76 U.S.$346,313,047.20 U.S.$1,000 U.S.$950 The Tender Offer is schedu
• $950 — U.S.$346,313,047.20 U.S.$1,000 U.S.$950 The Tender Offer is scheduled to expi

Filing Documents

• d885205d6k.htm (6-K) — 25KB
• g885205g0105115701539.jpg (GRAPHIC) — 2KB
• 0001193125-24-003311.txt ( ) — 30KB

From the Filing

6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of January 2024 Commission File Number: 001-12102 YPF Sociedad Anónima (Exact name of registrant as specified in its charter) Macacha Güemes 515 C1106BKK Buenos Aires, Argentina (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F YPF Sociedad Anónima TABLE OF CONTENT ITEM 1 Translation of letter to the Argentine Securities Commission dated January 5, 2024. Buenos Aires, January 5, 2024 Gentlemen COMISIÓN NACIONAL DE VALORES (CNV) 25 de Mayo 175 MERCADO ABIERTO ELECTRÓNICO S.A. (MAE) Maipu 1210 BOLSAS Y MERCADOS ARGENTINOS S.A. (ByMA) Sarmiento 299 Present Ref : YPF S.A. - Offer to Purchase Our highest consideration: We are hereby writing to you in order to comply with the requirements of the Argentine Securities Commission and the corresponding rules of ByMA and MAE. YPF has commenced a cash tender offer for any and all of its outstanding US$346,313,047.20 aggregate principal amount (post-amortization) of its 8.75% Class XXVIII notes due April 4, 2024 (the Tender Offer and the 2024 Notes , respectively). In this regard, please find attached the press release relating to the Tender Offer announced by the Company for any and all of the 2024 Notes. Sincerely yours, Margarita Chun Market Relations Manager YPF S.A. YPF Sociedad Anónima Announces Commencement of Tender Offer for Cash for Any and All of its 8.75% Senior Amortizing Notes due 2024 Buenos Aires, January 5, 2024 YPF Sociedad Anónima ( YPF ) today announced that it has commenced a cash tender offer (the Tender Offer ) for any and all of its outstanding US$346,313,047.20 aggregate principal amount of 8.75% Senior Amortizing Notes due 2024 (the Securities) on the terms and subject to the conditions set forth in YPFs Offer to Purchase dated the date hereof (the Offer to Purchase ). The Offer to Purchase more fully sets forth the terms of the Tender Offer. Title of Security CUSIP and ISIN Numbers Principal Amount Outstanding Early Tender Consideration Late Tender Consideration (a) 8.75% Senior Amortizing Notes due 2024 CUSIP:984245 AK6 P989MJ AY7 ISIN:US984245AK63 USP989MJAY76 U.S.$346,313,047.20 U.S.$1,000 U.S.$950 The Tender Offer is scheduled to expire at 5:00 p.m., New York City time (7:00 p.m. Buenos Aires time), on Monday, February 5, 2024 unless extended or earlier terminated (such date and time, as it may be extended with respect to the Tender Offer, the Expiration Date ). To be eligible to receive the Early Tender Consideration indicated in the table above, plus interest accrued on the Securities until the applicable Settlement Date (as defined below) ( Accrued Interest ), you must validly tender your Securities at or prior to 5:00 p.m., New York City time (7:00 p.m. Buenos Aires time) on Friday, January 19, 2024 (such date and time, as it may be extended with respect to the Tender Offer, the Early Tender Date ). If you validly tender your Securities after the Early Tender Date, but at or prior to the Expiration Date, you will only be eligible to receive the Late Tender Consideration indicated in the table above (which is less than the Early Tender Consideration), plus Accrued Interest. Following the Early Tender Date and prior to the Expiration Date, YPF may, but is not required to, accept the Securities validly tendered at or prior to the Early Tender Date (the Early Settlement Right ); provided that all conditions set forth in the Offer to Purchase have been satisfied or waived by YPF, including the concurrent or earlier consummation of a new notes offering that provides YPF with sufficient funds to meet the obligations of YPF in connection with the Tender Offer (the date of such acceptance, the Early Acceptance Date ). Payment for the Securities that are validly tendered and accepted for purchase pursuant to the Tender Offer will be made on the applicable Settlement Date (as defined below). Securities accepted for purchase on the Early Acceptance Date, if any, will be settled promptly thereafter (the Early Settlement Date ). It is expected that the Early Settlement Date for the Securities will be on or around Tuesday, January 23, 2024, the second business day after the Early Tender Date, but which may change without notice. The Final Settlement Date is the date on which we settle all Securities not previously settled on the Early Settlement Date, if any, which will be promptly following the Expiration Date. It is expected that the Final Settlement Date for the Securities will be on or around Wednesday, February 7, 2024, the second business day after the Expiration Date, but which ma

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