(page 2 of 3) View Entire Story

of 14.9% of YPF with a $1 billion senior secured loan from a group of banks led by Credit Suisse AG (CS, CSGN.VX), according to law firm Cleary Gottlieb's website, which represented Grupo Petersen in the transaction. Grupo Petersen also obtained a $1 billion loan and equity from Repsol.

Grupo Petersen obtained another 0.1% in YPF stock the following year, and in 2011 it purchased an additional 10% stake, funding the deal with a $700 million senior secured loan from a group of banks led by Banco Itau and Credit Suisse. Repsol pitched in with another loan of about $625 million, according to Gottlieb.

Last month, Grupo Petersen missed a $400 million loan payment, which triggered default provisions in the financing agreements with its creditors.

Earlier Friday, a spokesman for Mexican billionaire Carlos Slim confirmed that Slim had obtained an 8.4% stake in YPF.

Arturo Elias Ayub told Dow Jones Newswires the shares were collateral for a more-than-four-year-old syndicated bank loan in which Mr. Slim's banking firm Grupo Financiero Inbursa SAB (GPFOY, GFINBUR.MX) participated.

Previous | Next Page

DOW  121.18 | NAS  33.73 | S&P  17.00
(Data as of 2013-05-17 4:39 EDT)

 SEARCH: