Vista Oil & Gas, S.A.B. de C.V.’s $95 Million NYSE Initial Public Offering


Cleary Gottlieb, Creel, García-Cuellar, Aiza y Enríquez, Bruchou, Fernández, Madero & Lombardi, Shearman & Sterling, Galicia Abogados and Beccar Varela advised on the transaction

On July 26th, Vista Oil & Gas, S.A.B. de C.V., holding company of Vista Oil & Gas Argentina S.A.U., an independent Latin American oil & gas company, launched its initial public offering on the New York Stock Exchange (NYSE) under the symbol “VIST”. Vista Oil & Gas Argentina S.A.U. is an independent company focused on unconventional resources.

On July 30th, Vista Oil & Gas announced the closing and liquidation of the public offering of its Series A shares as part of the primary global offering of 10,000,000 Series A Shares. This offering consisted of (a) an international offering in the United States and other countries outside Mexico of 9,291,304 ADSs, worth US$9.25 each, and (b) a simultaneous offering in Mexico of 708,696 Series A Shares, at a price in Mexican pesos equivalent to US$9.25 per Series Action A. Each ADS represents a Series A Share. Series A Shares are listed on the Mexican Stock Exchange, S.A.B. under the name “VISTA”. The international placement agents (term defined below) partially exercised their option to purchase 799,953 of the available 1,393,696 ADSs.

Vista Oil & Gas will use the global offering funds to finance capital expenditures related to its development plan.

In the international offering, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as organizers and global coordinators, while Itau BBA USA Securities, Inc., Morgan Stanley & Co. LLC and Santander Investment Securities Inc. acted as organizers (international placement agents). In the Mexican offering, Citibanamex Casa de Bolsa, S.A. de C.V., Casa de Bolsa, member of Grupo Financiero Citibanamex, Casa de Bolsa Credit Suisse (México), S.A. de C.V., Grupo Financiero Credit Suisse (México), Morgan Stanley México, Casa de Bolsa, S.A. de C.V. and Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander México, acted as placement agents (the placement agents in Mexico, together with the international placement agents are the placement agents).

Vista Oil & Gas, S.A.B. de C.V., is an independent Latin American oil and gas company, operating since April 4, 2018. It has high-quality productive assets, low operating cost and high production margin of conventional assets in Argentina and Mexico. The company’s highest volume of production and profits are in Argentina, as well as most of its drilling and reconditioning activities, estimated and verified reserves and current assets, including its wells in Vaca Muerta. As of March 31, 2019, the company was the sixth-largest oil producer in Argentina.

In US, Cleary Gottlieb advised Vista Oil & Gas with a team including Emilio Minvielle (Picture), Andrés de la Cruz, Manuel Silva, Antonio Pietrantoni, Linda Zang, Rodrigo Lopez Lapeña, Vincent-Pierre Fullerton and Anna Kubinska.

In Mexico, Creel, García-Cuellar, Aiza y Enríquez advised Vista Oil & Gas with Carlos Zamarrón, José Ignacio Segura Alonso, Alejandro Santoyo, Gizeh V. Polo Ballinas, Luis Salomón, Juan David Mina Robles and Juan Pablo Villela.

In Argentina, Bruchou, Fernández, Madero & Lombardi advised Vista Oil & Gas with a team led by Javier Rodríguez Galli and José María Bazán, assisted by Andrés Martín Chester, Emilio Díaz Reynolds and Matías Guillermo Leguizamón.

Shearman & Sterling advised Citigroup Global Markets Inc., Credit Suisse Securities, Itau BBA USA Securities, Inc., Morgan Stanley & Co. LLC and Santander Investment Securities Inc. with a team led by Antonia Stolper, assisted by Robert Powel, Christian Vázquez and Victoria Tuculet.

In Mexico, Galicia Abogados advised the initial purchasers with a team led by por Guillermo Pérez Santiago, assisted by José Cortes, Sofía Montes de Oca and Hugo Cuesta.

In Argentina, Beccar Varela advised the initial purchasers with a team led by Tomás Allende and Luciana Denegri, assisted by María Victoria Pavani and María Inés Cappelletti.

Involved fees earner: Tomas Allende – Beccar Varela; María Inés Cappelletti – Beccar Varela; Luciana Denegri – Beccar Varela; Maria Victoria Pavani – Beccar Varela; José María Bazán – Bruchou, Ferna?ndez Madero & Lombardi; Andrés Chester – Bruchou, Ferna?ndez Madero & Lombardi; Emilio Díaz Reynolds – Bruchou, Ferna?ndez Madero & Lombardi; Matías Leguizamon – Bruchou, Ferna?ndez Madero & Lombardi; Javier Rodríguez Galli – Bruchou, Ferna?ndez Madero & Lombardi; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Vincent?Pierre Fullerton – Cleary Gottlieb Steen & Hamilton; Rodrigo López Lapeña – Cleary Gottlieb Steen & Hamilton; Emilio Minvielle – Cleary Gottlieb Steen & Hamilton; Antonio Pietrantoni – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Linda Zang – Cleary Gottlieb Steen & Hamilton; Juan Mina Robles – Creel, García-Cuéllar, Aiza y Enriquez SC; Gizeh Polo Ballinas – Creel, García-Cuéllar, Aiza y Enriquez SC; Luis Salomón Llinás – Creel, García-Cuéllar, Aiza y Enriquez SC; Alejandro Santoyo – Creel, García-Cuéllar, Aiza y Enriquez SC; Juan Pablo Villela – Creel, García-Cuéllar, Aiza y Enriquez SC; Carlos Zamarrón – Creel, García-Cuéllar, Aiza y Enriquez SC; José Alejandro Cortés Serrano – Galicia Abogados, S.C; Sofía Montes de Oca – Galicia Abogados, S.C; Guillermo Pérez Santiago – Galicia Abogados, S.C; Robert Powel – Shearman & Sterling; Antonia Stolper – Shearman & Sterling; Christian Vazquez – Shearman & Sterling; José Ignacio Segura Alonso – White & Case;

Law Firms: Beccar Varela; Bruchou, Ferna?ndez Madero & Lombardi; Cleary Gottlieb Steen & Hamilton; Creel, García-Cuéllar, Aiza y Enriquez SC; Galicia Abogados, S.C; Shearman & Sterling; White & Case;

Clients: Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; Itaú BBA USA Securities; Morgan Stanley; Santander Investment Securities Inc.; Vista Oil & Gas, S.A.B. de C.V.;

Author: Ambrogio Visconti.