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Business & Finance

Argentina's YPF sweetens $6.2bn debt offer after investor backlash

  • The firm, which is spearheading development of Argentina's huge Vaca Muerta shale reserves of oil and gas.
  • The modifications mainly seek to strengthen the guarantee structure of the bond backed with export flows due in 2026.
Published January 26, 2021

BUENOS AIRES: Argentina's YPF has sweetened its offer to creditors after its plans to swap some $6.2 billion in bonds sparked a fierce backlash from investors and dragged down the state energy giant's shares.

The firm, which is spearheading development of Argentina's huge Vaca Muerta shale reserves of oil and gas, said in a statement the amendments would offer stronger guarantees to creditors and would increase the value of the offer by raising coupons.

A company source told Reuters that the changes had been made based on suggestions made by investors in order to "make the proposal more attractive". The maturity of the offer would be pushed by a day until Feb. 5.

"The modifications mainly seek to strengthen the guarantee structure of the bond backed with export flows due in 2026 and address investors' concerns about the lack of flows during the next two years," the source added.

The person added that the changes reflected YPF's willingness to work with the market despite "the difficult financial situation" due to the impact of the COVID-19 pandemic aggravating the decline in gas and oil production.

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