YPF Announces Exchange Offer Filing

TL;DR

YPF filed a 6-K for an exchange offer, notifying Argentine regulators.

AI Summary

YPF Sociedad Anónima filed a Form 6-K on September 6, 2024, reporting on an exchange offer. The filing includes a translation of a letter dated September 5, 2024, sent to the Argentine Securities Commission (CNV), Mercado Abierto Electrónico S.A. (MAE), and Bolsas y Mercados Argentinos S.A. (ByMA) regarding this exchange offer.

Why It Matters

This filing indicates YPF is actively managing its debt or securities through an exchange offer, which could impact its financial structure and investor relations.

Risk Assessment

Risk Level: medium — Exchange offers can signal financial restructuring or debt management, which may carry inherent risks for the company and its investors.

Key Players & Entities

• YPF Sociedad Anónima (company) — Registrant
• COMISIÓN NACIONAL DE VALORES (company) — Recipient of letter
• MERCADO ABIERTO ELECTRÓNICO S.A. (company) — Recipient of letter
• BOLSAS Y MERCADOS ARGENTINOS S.A. (company) — Recipient of letter
• September 5, 2024 (date) — Date of letter
• September 6, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $500,000 — 1, 2031 for a nominal amount of up to US$500,000.000, expandable up to the Maximum Autho
• $500,000,000 — ent of the Offers to Exchange up to U.S.$500,000,000 Aggregate Principal Amount of its 8.500
• $1,131,771,002 — 0 ISIN:US984245AL47 USP989MJBE04 U.S.$1,131,771,002 (d) U.S.$1,000 U.S.$950 (a) The
• $1,000 — 989MJBE04 U.S.$1,131,771,002 (d) U.S.$1,000 U.S.$950 (a) The Early Participati
• $950 — S.$1,131,771,002 (d) U.S.$1,000 U.S.$950 (a) The Early Participation Consider
• $500 million — (the Cash Tender Offer ) for up to U.S.$500 million aggregate principal amount of our 8.500

Filing Documents

• d857103d6k.htm (6-K) — 51KB
• g857103g0906094435598.jpg (GRAPHIC) — 2KB
• g857103g0906094436019.jpg (GRAPHIC) — 2KB
• 0001193125-24-214659.txt ( ) — 58KB

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 September 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 September 5, 2024. Buenos Aires, September 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. Exchange Offer 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 offers the additional class XXXI notes, denominated and payable in U.S. dollars at a fixed rate of 8.750% maturing on September 11, 2031 for a nominal amount of up to US$500,000.000, expandable up to the Maximum Authorized Amount (the Additional Class XXXI Notes ), to be offered in exchange for the class XXXIX notes maturing in July 2025 (the 2025 Notes ) (the Exchange Offer ), to be issued under the Simplified Frequent Issuer Regime established in Section VIII, Chapter V, Title II of the National Securities Commission ( CNV ) Rules. The Exchange Offer is subject to a number of terms and conditions that are described in detail in the Exchange Offering Memorandum dated as of September 5, 2024 on the CNVs Financial Information Highway, in the Electronic Bulletin of the MAE and in the Electronic Bulletin of the Buenos Aires Stock Exchange. In this regard, please find attached the press release relating to the Exchange Offer announced by the Company. All capitalized terms not defined herein have the meanings assigned to them in the Exchange Offering Memorandum. Sincerely yours, Margarita Chun Market Relations Manager YPF S.A. YPF Sociedad Anónima (a stock corporation ( sociedad anónima ) incorporated under the laws of Argentina) Announcement of the Commencement of the Offers to Exchange up to U.S.$500,000,000 Aggregate Principal Amount of its 8.500% Senior Notes due July 2025 for the applicable amount of 8.750% Senior Notes due 2031 September 5, 2024 Buenos Aires, Argentina YPF S.A. ( YPF or the Company or us or we ) has priced its international capital markets offering of U.S.$500,000,000 8.750% senior amortizing notes due 2031, (the New Money Notes ), and hereby announces the commencement of its offer to exchange (the Exchange Offer ) up to U.S.$500,000,000 in aggregate principal amount (the Offer Cap ) of its outstanding 8.500% Senior Notes due July 2025 (the Old Notes ) validly tendered and accepted for exchange for newly issued 8.750% Senior Notes due 2031 (the New Notes ) of YPF, upon the terms and subject to the conditions set forth in the exchange offer memorandum, dated September 5, 2024 (the Exchange Offer Memorandum ), and the related electronic eligibility letter (the Eligibility Letter and, together with the Exchange Offer Memorandum, the Exchange Offer Documents ). The New Notes will be issued as Additional New Notes (as defined in the Exchange Offer Memorandum) under the Indenture (as defined in the Exchange Offer Memorandum) pursuant to which the Company also expects to issue the New Money Notes. The following table sets forth certain material terms of the Exchange Offer: Title of Security CUSIP and ISIN Numbers Principal Amount Outstanding Early Participation Consideration (a)(c) Late Participation Consideration (b)(c) 8.500% Senior Notes due July 2025 CUSIP:984245 AL4 P989MJ BE0 ISIN:US984245AL47 USP989MJBE04 U.S.$1,131,771,002 (d) U.S.$1,000 U.S.$950 (a) The Early Participation Consideration corresponds to the principal amount of New Notes per U.S.$1,000 principal amount of the Companys Old Notes validly tendered at or prior to the Early Participation Date (as defined below) and accepted for exchange. (b) The Late Participation Consideration corresponds to the principal amount of New Notes per U.S.$1,000 principal amount of the Companys Old Notes validly tendered at or prior to the Expiration Date (as defined below) and accepted for exchange. (c) We will pay accrued and unpaid interest on the Old Notes from the most recent interest payment date in respect of the Old Notes up to, but not including, the applicable Settlement Date, which will be reduced by the Pre-Issuance Accrued Interest (as defined in the Exchange Offer Memorandum) up to, but not

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View this 6-K filing on SEC EDGAR