2 November 2022

Municipality of Cordoba’s Green and Infrastucture Bond Issue

Tavarone, Rovelli, Salim & Miani Abogados has acted as legal counsel to the Municipality of Córdoba’s, as issuer, in the issuance of Municipality of Córdoba’s Debt Securities Series I and Debt Securities Series II (the “Debt Securities”). The transaction closed on October 27, 2022, and the payments due under the Debt Securities are secured by certain rights of the Municipality of Córdoba to collect certain contribution charges over the commercial, industrial and services activity.

Series I was issued in an aggregate principal amount of AR$ 2,000,000,000 Badlar plus 7.75% floating rate, due on October 27, 2025.

Series II was issued in an aggregate principal amount of AR$ 846,069,500 Badlar plus 8.50% floating rate, due on October 27, 2026.

Series I was qualified as Green Bond, and it is the first public bond to be incorporated as green bonds into the “Panel de Bonos Sociales, Verdes y Sustentables” from Bolsas y Mercados Argentinos S.A. San Martín Suarez y Asociados’ inform established that debt securities under Series I are “bonos Estándar con Uso Verde de Fondos”, and also, they comply with, and are aligned to, the four principles of GBP from ICMA, making a positive environmental impact. The funds of Series I will be used to finance or refinance projects related to LED street lighting, solar panels, and sewer network, among other infrastructure projects.

Tavarone, Rovelli, Salim & Miani, through its team led by partner Marcelo Rafael Tavarone, together with associates Ximena Sumaria, Fiorella Ascenso Sanabria and Quimey Lia Waisten. 

Pérez Alati, Grondona, Benitez & Amsten has acted as legal counsel to Banco Santander Argentina S.A., as arrangers and placement agents, and to Allaria Ledesma & Cía S.A., Banco de Galicia y Buenos Aires S.A.U., Banco de la Provincia de Córdoba S.A., Banco de Servicios y Transacciones S.A., Banco Hipotecario S.A., Puente Hnos. S.A. and SBS Trading S.A., as placement agents, through its team led by partner Diego Serrano Redonnet together with associates Nicolás Aberastury, Adriana Tucci and Joaquín López Matheu.

Puente Hnos. S.A. was also advised by its in-house counsel Tomas Gonzalez Sabathié.

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