YPF leads debt issuance of up to $300M for Vaca Muerta pipeline

On 16 September 2026, VMOS informed the Argentine securities regulator CNV that it launched a debt issuance of four-year corporate notes for up to $100 million, expandable to $300 million. Argentine state-controlled energy firm YPF heads the joint venture alongside Pan American Energy, Pampa Energía, Vista Energy, Pluspetrol, Chevron, Shell, and Tecpetrol, while Gas y Petróleo del Neuquén joins as a designated shipper.

The auction runs on 17 September, with settlement set for 22 September. The notes carry a fixed annual rate determined by bidding, pay quarterly coupons starting six months after issuance, and amortise in a single payment at maturity, with a VMOS call option in the final 18 months. Balanz, Galicia, Santander, and Macro Securities act as lead arrangers. Non-competitive retail orders up to $50,000 can absorb up to 50% of the placement.

Issued under limited-recourse rules, the notes are not guaranteed by the assets of VMOS or by YPF and its partners. Repayment depends exclusively on a dollar-linked tariff paid in Argentine pesos by oil producers that booked transport capacity under 15-year commitments. The funds will be held in trust by TMF Trust Company Argentina, explicitly excluding the pipeline, the export port, and general corporate accounts.

The overall infrastructure project requires an estimated investment of $3.3 billion, funded 70% with debt and 30% through shareholder equity. VMOS previously raised a five-year international syndicated loan of up to $2.0 billion at SOFR plus 5.5 percentage points in July 2025. Rating agency FIX reported physical progress at around 80%, with the main 437-kilometre pipeline between Allen and Punta Colorada already laid. The network will start with 190,000 barrels per day before scaling to 390,000 and 550,000 barrels daily, backed by 30-year RIGI framework stability benefits.