The exchange offer consists of cash and new 9.5% notes due 2026

Davis Polk advised the dealer managers in connection with the exchange offer by Pampa Energía S.A. under Rule 144A / Regulation S to exchange its outstanding 7.375% notes due 2023 for cash and new 9.500% notes due 2026.

Pampa Energía S.A. is the largest independent integrated energy company in Argentina and, together with its subsidiaries, is engaged in the generation and transmission of electricity in Argentina, oil and gas exploration and production, refining and distribution, petrochemicals and hydrocarbon commercialization and transportation in Argentina.

The Davis Polk corporate team included partner Maurice Blanco and counsel Katia Brener. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the New York and London offices.