Vista Energy Raises US$400 Million to Expand in Vaca Muerta

Vista Energy raised US$400 million through the reopening of a senior negotiable debt issuance maturing in 2038. The company, chaired by Miguel Galuccio, will use the financing to support its expansion in Vaca Muerta.

The securities were placed at a price equivalent to 99.473% of par value and carry an annual coupon of 7.87%, with an approximate yield of 7.95%. The transaction is expected to close on October 9, 2026.

With the new placement, the outstanding principal of the series will reach US$900 million, combining with the original US$500 million issuance. The transaction is part of the company's global program to issue negotiable debt securities of up to US$4 billion.

Principal will be repaid in three annual installments: 33% in 2036, 33% in 2037, and the remaining 34% in 2038. According to transaction data, the spread over the reference rate narrowed from approximately 3.5% to 3%.

The financing arrives as Vista ramps up operations in the Neuquén basin. In the second quarter of 2026, it recorded production of 156,000 barrels of oil equivalent per day, 32% higher than the same period last year. The company also reported adjusted EBITDA of US$805 million, free cash flow of US$491 million, and net leverage of 1.41x.

In May, the company acquired Equinor's interest in the Bandurria Sur and Bajo del Toro blocks. That acquisition added approximately 22,000 barrels per day to its platform and lifted total production above 160,000 barrels per day, strengthening its operational scale in Vaca Muerta.