S.A. San Miguel A.G.I.C.I. y F. (the “Issuer”, the “Company” or “San Miguel”, indistinctively), a world leader in industrial lemon processing, successfully completed the issuance of additional series X class a notes (the “Additional Series X Class A Notes”), related to the sustainability of the Company, issued on October 14, 2024, under its global program for the issuance of notes for a par value of up to US$ 250,000,000. The funds obtained from the placement of the Additional Series X Class A Notes will be applied to the financing of working capital and the refinancing of the Issuer’s short-term liabilities.
Based in the Province of Tucumán, San Miguel is the world leader in the processing of added-value citrus products, accounting for 15% of the global lemon grinding. San Miguel is recognized by more than 200 customers in over 50 countries as a reliable supplier of natural citrus ingredients with high-quality standards.
The Additional Series X Class A Notes were issued for a total aggregate amount of US$ 28,205,309, are denominated in U.S. dollars, payable in Argentine Pesos at the Applicable Exchange Rate; at a fixed annual rate of 7% (which may be increased as detailed below), maturing on July 29, 2026.
The Additional Series X Class A Notes were issued in line with the Sustainability-Linked Notes Principles contained in the Guidelines for the Issuance of Thematic Securities in Argentina included in Annex III of Chapter I of Title VI of the Rules of the Comisión Nacional de Valores and in the Sustainability-Linked Notes Guide and the Rules for the Listing of Notes and Public Securities of Bolsas y Mercados Argentinos S.A.
Except for the Initial Exchange Rate, the Date of Issuance and Settlement, the Issuance Price and the payment date, the Eligible Negotiable Obligations and the Swap Ratio, the Additional Series X Class A Notes have the same terms and conditions as the Series X Class A Notes issued on July 29, 2024, for a par value of US$ 24,728,949, constituting a single series and are fungible amongst themselves.
According to the terms and conditions of the Additional Series X Class A Notes, as of October 29, 2025, the interest rate of the Additional Series X Class A Notes would be increased by the greater of: (i) 1% per annum, i.e. 100 basis points, provided that it does not exceed 25% of the interest rate (in which case 25% of the interest rate will apply); or (ii) 0.50% per annum, i.e. 50 basis points, unless San Miguel proves compliance with a sustainability performance target that consists of reaching a 74% share of renewable energy to supply its industrial complex located in Famaillá, Tucumán, Argentina, in the 12-month period beginning on July 31, 2024, and ending on July 31, 2025.
Pérez Alati, Grondona, Benites & Arntsen advised Banco Santander Argentina S.A. and Banco de Galicia y Buenos Aires S.A.U. as arrangers and placement agents, and Banco de la Provincia de Buenos Aires, TPCG Valores S.A.U., Latin Securities S.A., StoneX Securities S.A., Facimex Valores S.A., Invertir en Bolsa S.A., Cohen S.A., Balanz Capital Valores S.A.U., Mills Capital Markets S.A., Adcap Securities Argentina S.A., Puente Hnos. S.A. and Bull Market Brokers S.A., as placement agents.
Legal Advisors to the arrangers and placement agents:
Pérez Alati, Grondona, Benites & Arntsen: Partner Diego Serrano Redonnet. Counsel Alejo Muñoz de Toro. Associates Juan Ignacio Rodriguez Goñi and Tamara Friedenberger.
