Argentina’s Biggest Oil Firm Sells $500 Million of Overseas Bonds

YPF SA, Argentina’s biggest oil company, sold overseas bonds for the first time in more than a year after a plunge in borrowing costs opened a window of opportunity.

The driller issued $500 million of 10-year, dollar-denominated notes to yield 8.75%, according to people familiar with the offer, who asked not to be identified because the information is private. Proceeds from the sale, which was managed by Citigroup Inc., HSBC Holdings Plc and Itau Unibanco Holding SA, will go toward working capital and refinancing existing debt. The bonds were initially marketed to yield a bit above 9%.

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