Argentina's YPF exchanges $85.18 million 10% series C notes due 2028

By Toni Weeks

San Luis Obispo, Calif., April 3 - YPF SA gave the final results of its offer to exchange its $100 million of outstanding 10% series C medium-term notes due 2028 for new 8 7/8% senior notes due 2028.

As of 5 p.m. ET on April 1, the expiration date, YPF had received tenders for $85,182,000, or 85.2%, of the old notes.

Holders who tendered their notes in the exchange offer will receive an amount of new notes that will have the same terms as the company's $500 million of 8 7/8% senior notes due 2018 issued on Dec. 19, as previously noted.

The principal amount of new notes issued will be increased by accrued and unpaid interest on the notes and then reduced by interest accrued on the new notes from Dec. 19 up to but excluding the settlement date, which is April 4.

The new notes will be issued in multiples of $1,000, with any fractional portion paid in cash. According to the release, YPF will issue $86.5 million principal amount of new notes and pay roughly $13,600 in cash for fractional portions on the settlement date.

U.S. Bank NA was the exchange agent. Those with questions about the exchange offer may contact YPF's investor relations at +54 11-5441-1215.

YPF is a petroleum and natural gas company based in Buenos Aires.

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