YPF launches up to $500m of bond tenders, conditional on new financing
YPF announced cash tender offers on 7 September 2026, capped at $500m of aggregate purchase consideration, excluding accrued interest.
Securities and pricing
| Security | Priority | Price per $1,000 principal |
|---|---|---|
| 6.950% notes due 2027 | 1 | $1,017.50 |
| 2.500%/9.000% amortising notes due 2029 | 2 | $1,042.00 |
For the 2029 notes, the disclosed outstanding principal reflects the applicable amortisation factor. Holders should distinguish that current principal from the original amount.
Conditions and dates
The offers depend on completion of a new notes offering sufficient to fund the purchases. Acceptance follows the stated priority and may be prorated.
The scheduled expiration and withdrawal deadline is 5pm New York time on 16 September, with settlement expected around 18 September, subject to change.
Implications
The tenders could refinance nearer-term obligations, but no debt has been retired simply by launching them.
The next evidence is new-issue pricing, tender participation and settlement. The $500m purchase-price cap is not necessarily $500m of principal reduction because the tender prices exceed par.
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