A meeting of shareholders in Argentine energy company YPF approved plans to issue an additional $2 billion in debt to help fund a five-year investment plan aimed at boosting oil and natural gas output by almost a third.
The company, which was nationalized in May, needs to secure financing of about $7.4 billion to cover part of the $37.2 billion it aims to invest through 2017.
At Thursday’s meeting, shareholders agreed to expand a medium-term debt program to $3 billion from the previously approved $1 billion.
YPF sold 1.5 billion pesos ($322 million) in short-term bonds in the local market this week. (Reporting by Alejandro Lifschitz)