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YPF S.A. Announces Results of Exchange Offer for 10% Notes Due 2028

BUENOS AIRES, Argentina, April 3, 2014 /PRNewswire/ -- YPF S.A. (NYSE: YPF) today announced the results of its offer to exchange any and all of its outstanding 10% Medium-Term Notes (Series C) due 2028 (the "Old Notes") for 8.875% Senior Notes due 2028 (the "New Notes").

As of 5:00 p.m. (New York City time) on April 1, 2014 (the "Expiration Date"), YPF had received tenders of Old Notes as follows:


Title of

Old Notes


Principal

Amount

Outstanding of

Old Notes


Principal

Amount of Old

Notes Tendered


% of Principal

Amount

Outstanding

Tendered


10% Medium-Term

Notes (Series C)

due 2028


$100,000,000


$85,182,000


85.2%

Holders of Old Notes who participated in the Exchange Offer will receive an amount of New Notes in principal amount equal to the amount of such accrued and unpaid interest, plus cash for any fractional portion of the New Notes, as described below.

YPF issued the original 8.875% Senior Notes due 2018, which have the same terms as the New Notes and will be fully fungible with the New Notes, in a principal amount of U.S.$500,000,000 on December 19, 2013 (the "Original 2018 Notes"). The aggregate principal amount of New Notes issued in exchange for Old Notes tendered in the exchange offer will be (i) increased by accrued and unpaid interest on the Old Notes, and then (ii) reduced by interest accrued on such New Notes from December 19, 2013 (as if they had been issued along with the Original 2018 Notes) up to but excluding the Settlement Date (as defined below), calculated based on the aggregate principal amount of Old Notes tendered. The total amount of New Notes to be issued to any tendering holder of Old Notes will be rounded down to the nearest U.S.$1,000. YPF will pay any fractional portion of the New Notes not received as a result of rounding down in cash. Interest on the New Notes will accrue from December 19, 2013.

The "Settlement Date" is expected to be April 4, 2014, the third business day after the Expiration Date, or as soon as practicable thereafter. On the Settlement Date, YPF will issue $86,560,000 principal amount of New Notes, and will pay approximately $13,600 in cash in respect of fractional portions of New Notes not issued as a result of rounding down.

Persons with questions regarding the exchange offer should contact YPF's Investor Relations department at +54 11-5441-1215.

About YPF S.A.

YPF is Argentina's leading energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream and downstream segments. YPF's upstream operations consist of the exploration, development and production of crude oil, natural gas and LPG. YPF's downstream operations include the refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. Additionally, YPF is active in the gas separation and natural gas distribution sectors both directly and through its investments in several affiliated companies.

Headquartered in Buenos Aires, Argentina, YPF is traded on the Buenos Aires Stock Exchange and its American Depositary Shares are traded on the New York Stock Exchange. For more information on YPF, please visit www.ypf.com.

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these forward-looking statements speak only as of the date hereof, and YPF does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date of this release. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those described from time to time in YPF's filings with the U.S. Securities and Exchange Commission.

 

SOURCE YPF S.A.

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