S.A. San Miguel A.G.I.C.I. y F. (indistinctly, the "Issuer", the "Company" or "San Miguel"), a leading producer and exporter of lemons in the southern hemisphere, successfully completed the issuance of Notes Series VII, under its Global Note Program for the issuance of Notes for a nominal value of up to US $160,000,000. The proceeds will be applied to the integration of working capital, capital goods (financing the development of new plantations and replacement of old plantations that are below their maximum productivity) and the refinancing of medium-term liabilities.
The notes were issued on January 18, 2022 for an amount of US $50,000,000, are denominated in dollars payable in pesos at the applicable exchange rate; with a fixed rate of 3%, with maturity on January 18, 2024 (the "Notes").
The Notes were issued under the "Sustainability-Linked Bonds principle’s" (or SLBs) issued by the International Capital Market Association (“ICMA”) on June 2020.
The special feature of this issuance is that, after 15 months since the issuance date of the Notes, the interest rate payable will increase by 100 basis points to 4 % per annum, unless San Miguel proves that the Sustainability Performance Target has been satisfied. The Sustainability Performance Target consists in San Miguel reaching, within a 12-month period, a 70% share of renewable energy to supply its industrial complex, which would imply achieving a reduction in greenhouse gas emissions (CO2 Equivalent) of a 49%from this subgroup of worksites.
San Miguel was advised by Nicholson y Cano Abogados, while Pérez Alati, Grondona, Benites & Arntsen advised the placement agents: Banco Santander Río S.A. and HSBC Bank Argentina S.A.-who also acted as organizers-, Balanz Capital Valores S.A.U., Allaria Ledesma & Cía. S.A., AR Partners S.A., Puente Hnos. S.A., Banco de la Provincia de Buenos Aires, Banco Comafi S.A., BACS Banco de Crédito y Securitización S.A., Max Capital S.A., TPCG Valores S.A.U. and Global Valores S.A.
Based in the Province of Tucumán, Argentina, San Miguel is a company dedicated to the production, commercialization and export of fresh citrus fruits from the southern hemisphere. The company is the world’s leader in processing citrus products with added value, reaching 15% of the global lemon milling. San Miguel is recognized by its more than 200 international premium clients in more than 50 countries as a reliable citrus producer handling high quality standards.
Advisors of S.A. San Miguel A.G.I.C.I. y F.:
Nicholson y Cano Abogados: Partners Marcelo Villegas and Emiliano Silva. Associates Juan Martín Ferreiro and Jésica Pabstleben. Paralegal Dario Pessina.
Advisors to the Organizers and Placement Agents:
Pérez Alati, Grondona, Benites & Arntsen: Partner Diego Serrano Redonnet. Associates Nicolás Aberastury and Adriana Tucci.
