Vista raises $400M in debt to accelerate Vaca Muerta expansion
What's the deal? Argentine oil producer VistaDealroom has a profile for this one. Try Dealroom → has raised $400 million in post-IPO debt through notes issued under New York law, carrying a 7.875% coupon and maturing in 2038. The notes priced at 99.473 of face value, for a yield of 7.95%.
Why now? The sale reopens a prior $500 million issue that shares the same rate and maturity, lifting the total 2038 series to $900 million. Vista tapped the market as US Treasury yields began climbing.
What's the endgame? The company, founded by Miguel Galuccio, said the proceeds "will be used to continue accelerating and expanding Vista's development and growth plan in Vaca Muerta," Argentina's shale formation.
By the numbers: In the second quarter of 2026, Vista produced 156,000 barrels of oil equivalent per day, up 32% from a year earlier, and posted adjusted EBITDA of $805 million. It generated $491 million in free cash flow, excluding the payment for its acquisition of Equinor's assets, and closed with net leverage of 1.41 times adjusted EBITDA.
The signal: Demand held firm despite rising Treasury yields, narrowing the spread from roughly 3.5% to 3% and signalling sustained investor appetite for Vista's paper — and for Vaca Muerta exposure.
Read more: lanacion.com.ar
Image credit: James St. John
