Leading International Bondholders of YPF Form Group to Block Company's Exchange Offer

BY PR Newswire | CORPORATE | 01/17/21 07:47 PM EST

NEW YORK, Jan. 17, 2021 /PRNewswire/ -- On January 7, YPF SA (the "Company") launched an exchange offer and consent solicitation (the "Exchange Offer") affecting seven series of the Company's outstanding international bonds (the "Bonds").? Concerned about the terms and structure of the Exchange Offer and the expeditious timeline contemplated therein, many of the Company's largest international bondholders have formed a group (the "Ad Hoc YPF Bondholder Group" or the "Group") to oppose the Exchange Offer.?

The Ad Hoc YPF Bondholder Group currently comprises 13 major international institutional investors, operating as fiduciaries on behalf of their clients, and holds over 25% of the Bonds in the aggregate, including approximately 40% of the Bonds that are set to mature in 2021 and 2024, and well over 50% of the Bonds maturing in March 2025.? The Group's immediate objective is to block the Exchange Offer so as to avoid unnecessary and unacceptable destruction of bondholder value.? In this regard, the Group is coordinating with the group of bondholders represented by Dechert LLP.

On January 14, in response to concerns expressed by members of the Group and other investors, the Company announced that the amendments to each series of the Bonds set out in the Exchange Offer would only come into force if approved by a majority of the outstanding principal amount of each such series.? In reliance on the Company's statement, the members of the Group have determined that the best way to oppose and block the Exchange Offer is to take no action at this time.? Accordingly, the Group members will not be submitting proxies or tendering their Bonds in the Exchange Offer.

The Group is supported by White & Case and Bomchil as legal advisors.? Holders of YPF's international bonds who wish to learn more about the Group and the Exchange Offer are encouraged to contact White & Case at ypfexchange@whitecase.com.

White & Case LLP
Erin Hershkowitz in New York
T +1 646 885 2200
E erin.hershkowitz@whitecase.com?

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SOURCE White & Case LLP

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