Cleary Gottlieb Steen & Hamilton LLP and Bruchou & Funes de Rioja advised YPF S.A. (“YPF”), and Milbank LLP and TCA Tanoira Cassagne advised the joint lead arrangers in a syndicated secured loan agreement for the pre-financing of exports for up to USD 700 million.

The financing was led by four top-tier international banks as joint lead arrangers: Banco Bilbao Vizcaya Argentaria S.A., Banco Latinoamericano de Comercio Exterior S.A., Banco Santander, S.A., and Itaú Unibanco S.A., Nassau Branch, and includes the participation of a group of six leading international banks and institutional investors (the “Lenders”).

The financing is secured by the assignment of the export collection rights and a security interest over the funds received and contemplates one or more disbursements in foreign currency that will enable YPF to continue strengthening its leadership in the production and export of hydrocarbons.

YPF S.A. is a company dedicated to the exploitation of hydrocarbon products and their derivatives in Argentina. The company’s stocks are publicly traded both in Argentinian local markets as well as in the NYSE (New York Stock Exchange).

Counsel to YPF

Bruchou & Funes de Rioja acted as legal counsel through its team led by partners José Bazán and Leandro Belusci and associates Branko Serventich and Gonzalo Vilariño.

Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partner Juan G. Giráldez, associates Ignacio Lagos and Nicole Mueller and international lawyer Matías Chaves.

In-House Counsel to YPF

YPF S.A. was advised by its in-house legal team comprising attorneys Fernando Gómez Zanou, Marina Quinteiro, Paola Garbi and Valeria Moglia.

Counsel to the Lenders:

TCA Tanoira Cassagne acted as legal counsel through its team lead by partners Alexia Rosenthal and Ignacio Criado Díaz and associates Lucía Viboud Aramendi and Carolina Mercero.

Milbank LLP acted as New York legal counsel through its team led by partner Carlos Albarracín, associate Fernando Quezada, and international associate Hugo Bruzone.

Counsel to the Administrative Agent

Nixon Peabody acted as legal counsel to Citibank through its team led by partners Jonathan Winnick and Michael Tentindo.