YPF Avoids Hard Default With 60% Support for Key Bond Swap
- Government to give access to dollars to pay rest of 2021 notes
- Results give YPF $630 million in debt relief through 2022
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Argentina’s state-owned oil producer looks set to avoid a hard default after creditors signed on to swap some of their bonds due next month and the central bank agreed to provide the company with the dollars it needs to pay back the remainder.
YPF SA bondholders will exchange almost 60% of the $413 million note due in March, according to a company statement. Argentina’s flagship energy company also won support from 43% of creditors to exchange its 2024 notes, and 37% of holders of one of its securities maturing in 2025 to exchange their holdings for a menu of three new bonds.