S&C was recognized by Project Finance International for advising VMOS on its $2 billion syndicated secured term loan facility to finance the development of the Vaca Muerta Sur Pipeline project, which was named “Americas Oil & Gas Deal of the Year.” The project represents the most important private Argentine infrastructure project in decades. It is the largest commercial loan for an infrastructure project in Argentine history and one of the top five oil and gas financings in Latin America.
This financing is hugely significant for Argentina, the wider Latin American region and the global energy markets, and represents the reopening of the international project finance market after years in which that market was closed to Argentina. It is also the first financing of a significant project that utilizes Argentina’s new investment promotion regime, the “Incentive Framework for Large Investments” (Régimen de Incentivos para Grandes Inversiones or RIGI).
VMOS S.A. is a special-purpose midstream pipeline company owned by a consortium of Argentine companies holding interests in the Vaca Muerta shale oil fields, including YPF S.A., Pan American Energy, S.L., Vista Energy Argentina S.A.U., Pampa Energía S.A., Pluspetrol S.A., Chevron Argentina S.R.L., Shell Argentina S.A., Tecpetrol S.A. and Gas y Petroleo de Neuquén S.A.
The S&C team advising VMOS was led by Sergio Galvis, Nikolaos Andronikos and Benjamin Kent and included Virginia Cueva, Andrew Brod, Michael Anderson, Sergio Garrido Vallespí and Sam Fineberg. Eric Wang and Alexei Owen advised on U.S. tax matters.