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Argentina’s YPF Sells 1.5 Billion Pesos of Debt

(Corrects description of badlar rate in fourth paragraph.)

Sept. 12 (Bloomberg) -- YPF SA, Argentina’s biggest oil producer, sold more bonds than it initially offered in its first sale as a state-controlled company.

The company said in a statement that it sold 1.5 billion pesos ($322 million) of debt after offering 1.35 billion pesos in the local market. The results “exceeded management expectations” and the cash is “fundamental to continue in our ambitious investment plan,” according to the statement.

The sale included 100 million of fixed-rate bonds due in 270 days to yield 16.74 percent, 200 million pesos of bonds due in 18 months to yield 3 percentage points above the badlar rate and 1.2 billion pesos of 36-month securities at 4 percentage points above the badlar rate.

The badlar, the rate banks pay for 30-day deposits of more than 1 million pesos, was at 13.81 percent on Sept. 11, according to the latest central bank data.

The Argentine government seized 51 percent of YPF from Spain’s Repsol SA as it is seeking to halt declining oil output and stem fuel imports that doubled to $9.4 billion last year.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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