YPF Sociedad Anónima Announces Third Amendment to Exchange Offers and Consent Solicitation
BUENOS AIRES, Argentina, Feb. 1, 2021 /PRNewswire/ -- YPF Sociedad Anónima ("
YPF" or the "
Company") today announced its decision to amend the terms and conditions of its amended and restated Exchange Offer and Consent Solicitation Memorandum dated January 25, 2021 (the "
Exchange Offer and Consent Solicitation Memorandum"). Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Exchange Offer and Consent Solicitation Memorandum.
The Company has revised the terms and conditions of the Exchange Offers and Consent Solicitation to:
Extension of Withdrawal Deadline
In furtherance of requests made by clearing systems, the Exchange Offers and Consent Solicitation are hereby revised to extend the Withdrawal Deadline from 5:00 p.m., New York City time, on February 1, 2021 to 5:00 p.m., New York City time, on February 5, 2021.
Adjustment to the Elements that Constitute the Exchange Consideration for the 2021 Old Notes
The relative weight of the two elements that together constitute the Exchange Consideration per US$ 1,000 principal amount of 2021 Old Notes set forth in the cover of the Exchange Offer and Consent Solicitation Memorandum has been adjusted as follows: US$ 824 principal amount of New Secured 2026 Notes and US$ 283 cash payment.
The Exchange Consideration has been calculated taking into account Accrued Interest. Therefore, Eligible Holders who validly tender their 2021 Old Notes will not be entitled to receive any additional cash payment for any Accrued Interest on the 2021 Old Notes (such amount is included in the cash payment of the Exchange Consideration). No additional payments will be made in connection with the Consent Solicitation.
Recent Developments
Rating of Negotiable Obligations
On January 29, 2021, Moody's Investors Service announced that it assigned a "Caa3" rating to the New Notes, with a stable outlook.
CNV approval of increase of the amount of YPF's Frequent Issuer Program
On January 27, 2021, YPF obtained the CNV's authorization to increase the amount of its Frequent Issuer's Program, which is one of the conditions to acceptance of Old Notes tendered in any of the Exchange Offers and Proxies delivered in the Consent Solicitation. For more information see "Description of the Exchange Offers and Consent Solicitation—Conditions to the Exchange Offer and Consent Solicitation" in the Exchange Offer and Consent Solicitation Memorandum.
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/PRNewswire/ -- YPF Sociedad Anónima ("YPF" or the "Company") today announced its decision to amend the terms and conditions of its amended and restated...
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