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Shearman & Sterling Advises on Capex S.A.’s Cash Tender Offer of its 10.00% Notes due 2018 and U.S. $300 Million Offering of its 6.875% Notes due 2024

15 May 2017

Shearman & Sterling represented Deutsche Bank Securities Inc. (“Deutsche Bank”) and J.P. Morgan Securities LLC (“J.P. Morgan”) as representatives of the initial purchasers in a Rule 144A and Regulation S offering by Capex S.A. (the “Company”) of U.S.$300 million aggregate principal amount of its 6.875% Notes due 2024 (the “2024 Notes”).  Concurrently, Deutsche Bank and J.P. Morgan acted as dealer managers in the Company's five-day any and all cash tender offer (the "Tender Offer") of U.S.$200 million aggregate principal amount of its 10.00% Notes Due 2018 (the “2018 Notes”). The Company used part of the proceeds from the 2024 Notes offering to purchase U.S.$52.2 million aggregate principal amount of 2018 Notes pursuant to the Tender Offer, resulting in the settlement of the Tender Offer and closing of the 2024 Notes offering on May 15, 2017. The Company has called for redemption of the untendered 2018 Notes, which will be redeemed in June 2017 with part of the proceeds from the 2024 Notes offering.

The Company is a fully integrated energy generator in Argentina with energy generation operations in the province of Neuquén. It extracts, processes and sells oil and gas products from its own fields in the Agua del Cajón area, including natural gas, propane, butane and stabilized gasoline, which is mixed and sold with its oil production. The Company sources most of the natural gas used to generate energy at its Agua del Cajón power plant from its own fields in the Agua del Cajón area. In addition, through a subsidiary, the Company has developed new lines of business mainly related to renewable energies, hydrogen generation and oxygen production and sales.

The Shearman & Sterling team included partner Manuel Orillac (New York-Capital Markets); counsel Alejandro Gordano (London-Capital Markets); associate Francisco Cebada (New York-Capital Markets); and international associate Alesandra Azcarate (New York-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were counsel Jeffrey Tate and associate Kammy Lai (both Washington, DC-Tax).

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