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Argentina's YPF prioritizes debt refinancing in 2017

Nov 4, 2016

Argentina's state-owned energy company aims to wind down capital markets activity and focus on rolling over its maturing debt

Aaron Weinman

Keywords: argentina ypf debt bonds

YPF, Argentina's state-controlled energy firm, will prioritize refinancing its existing debt and lowering its interest payments in 2017 after an active year in the global capital markets, the company's chief financial officer told LatinFinance.

YPF has sold benchmark bonds this year in pesos , dollars and Swiss francs , prefunding most of its requirements for 2017, Daniel González said in an interview.

"We are done for 2016 and now we are working towards a free cash flow," he said. "It is not about increasing debt, but rather refinancing, extending tenors and reducing interest rate payments."

YPF’s investment plans for next year are primarily concentrated in oil and gas exploration and production, along with downstream activities, although at a "slower pace" than this year, González said.

The company will also invest in power generation projects. It has asked the Inter-American Investment Corporation (IIC) to arrange up $200m in financing for the Manantiales wind farm in the southern province of Chubut. According to the IIC, the financing could include a nine-year A loan for $100m and a seven-year B loan for another $100m.



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