Petroquímica Comodoro Rivadavia raises $400 million in debut international bond offering

Petroquímica Comodoro Rivadavia completed its first international debt placement, securing $400 million after receiving bids approaching $1 billion, more than double the final allocation. The company initially targeted $350 million but increased the offering size due to strong investor demand during the bookbuilding process. The Class I Notes were issued in US dollars under New York law with an eight-year maturity and a fixed annual coupon of 8.5 percent.

The transaction was conducted jointly with subsidiary Luz de Tres Picos S.A. and attracted participation from investment funds in the United States and Europe, alongside significant interest from Argentine institutional investors. Itaú BBA, BBVA, and Santander served as Global Coordinators and Joint Bookrunners, while Balanz acted as Joint Bookrunner and Galicia Capital US participated as international placement agent.

PCR Chief Financial Officer Juan Giglio characterized the offering as a milestone providing enhanced flexibility for long-term strategic projects. The executive noted that the substantial demand reflects recognition of the company’s financial strength and credibility established with banks and investors in recent years.

Proceeds will primarily refinance existing financial obligations at both PCR and Luz de Tres Picos while supporting new investments to expand energy-related operations. The capital raise arrives as PCR pursues geographic and technological diversification across its portfolio. The company operates in Argentina, Ecuador, and the United States, maintaining traditional oil and gas activities while expanding renewable energy capacity.

PCR currently manages four wind farms totaling 545 MW of installed capacity and operates hydrocarbon assets in La Pampa and Mendoza provinces, alongside six oil blocks in Ecuador. The company has pursued energy projects in US territory since 2022 and maintains a cement manufacturing presence in Patagonia.

The successful placement reflects broader market interest in Argentine energy companies driven by Vaca Muerta development prospects and the shale formation’s capacity to attract long-term capital. The transaction establishes international debt market access for PCR beyond debt refinancing, creating a funding channel to sustain growth strategy as Argentina’s energy sector positions itself as a destination for extended-duration investment flows.