YPF Launches $500 Million Debt Buyback Program

The tender offer, announced September 7, 2026, focuses on the company’s 6.950% senior notes due in 2027 and its 2.500%/9.000% step-up amortizing notes due in 2029. YPF has established a tiered priority system for the acquisition, meaning the 2027 notes will be accepted for purchase before the 2029 series. The final amount accepted will be capped at a maximum purchase price of $500 million, excluding accrued interest.

Participation in the offer is contingent upon the successful completion of a concurrent new notes offering, which is intended to provide the necessary liquidity for the buyback. Investors have until 5:00 p.m. New York City time on September 16, 2026, to tender their holdings. YPF has indicated it may grant preferential allocation in its new debt issuance to those who commit their existing securities to the tender process. The company has enlisted a syndicate of international and local financial institutions, including J.P. Morgan Securities, BBVA, and Santander, to manage the operation, with settlement expected on or around September 18, 2026.