26 October 2021

Issuance of Un Techo Para Argentina Asociación Civil´s social bonds

Pérez Alati, Grondona, Benites & Arntsen advised Un Techo Para Argentina Asociación Civil (the “Association” or “Techo”)  in the role of  issuer, Allaria Ledesma & Cía S.A., Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A. in their role of organizers and placement agents, and Argenpymes S.G.R., Acindar Pymes S.G.R. and Crecer S.G.R. in their role of guarantee agents in the issuance of negotiable securities under SME CNV guaranteed regime for $18,000,000 (approximately USD 171,837.709).

This issuance of social bonds is the first of its kind made by a Civil Association in Argentina, becoming a milestone for the Argentinian capital markets.

Universidad Tres de Febrero, in its role of Risk Assessment Agent, was endigled to assess the bonds and concluded that they are aligned with the four components of the Social Bonds Principles of 2020 (SBP) of ICMA, granting a social bond qualification of BS2. The funds obtained from the issuance of the bonds will be used to build a social factory. 

On October 26th, 2021, the Association successfully closed the offer and issued the Series Nº I Notes under the Guaranteed SME CNV regime for a total amount of ARS 18,000,000 (approximately USD 171,837.709). The Notes will bear an annual interest rate of the Private Badlar Rate +0%, payable on a quarterly basis, and maturing on October 26th 2025.

The Association is devoted to improving the quality of life of the most vulnerable through the promotion, management and counselling of social housing projects. 

Deal´s Pro-Bono legal advisors

Pérez Alati, Grondona, Benites & Arntsen 

Partner María Gabriela Grigioni, Associates: Natalia Sofía Güttner, Nahuel Perez de Villarreal, Eugenio Bauer, Diego Frost, Juan Francisco Vignati Otamendi and Paralegal Jerónimo Juan Argonz. 

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