13 September 2021

San Miguel's issuance of the first Sustainability-Linked Bonds in Argentina

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 VI, under its Global Note Program for the issuance of Notes for a nominal value of up to US $80,000,000. 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 September 7, 2021 for an amount of US $50,006,468, are denominated in dollars payable in pesos at the applicable exchange rate; with a fixed rate of 4%, with maturity on March 7, 2023 (the "Notes").

The Notes were the first issuance of a Sustainability-Linked Bond in Argentina under the "Sustainability-Linked Bonds principle’s" (or SLBs) issued by the International Capital Market Association (“ICMA”) on June 2020.

Pérez Alati, Grondona, Benites & Arntsen advised the placement agents: Banco Santander Río S.A. -who also acted as organizer-, 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.

The special feature of this issuance is that the interest rate payable on the last coupon of the Notes will increase by 100 basis points to 5 % per annum, unless San Miguel proves that the Sustainability Performance Target has been satisfied. The Sustainability Performance Target consists in San Miguel reaching, within a12-month period, a 66% 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.

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: Partner Marcelo Villegas. Associates Juan Martín Ferreiro. Paralegal Dario Pessina.

Advisors to the Organizer and Placement Agents:

Pérez Alati, Grondona, Benites & Arntsen: Partner Diego Serrano Redonnet. Associates Nicolás Aberastury and Joaquín López Matheu.

Subscribe to our Newsletter

Stay updated by receiving our Legal News Alert that will provide you, in a quick and simple way,
with the latest regulatory changes as well as the most relevant news.


* indicates required
I hereby give my free and informed consent for the collection, processing, storage and/or use of my personal data (the "Personal Data") by Pérez Alati, Grondona, Benites & Arntsen. I understand that all assignment and/or transfer of my Personal Data will be made in full compliance with Law No. 25,326 and complementary regulations. The delivery of my Personal Data is voluntary. I understand that, as the owner of the Personal Data, I have the right to exercise, free of charge, the right of access, rectification or deletion of my Personal Data pursuant to Section 14, subsection 3 of Law No. 25,326 (as amended), by communicating to the following e-mail address The AGENCY FOR ACCESS TO PUBLIC INFORMATION, Control Body of Law No. 25,326, has the power to deal with complaints and claims filed by those affected in theirs right due to breach of the Personal Data legislation in force.
You must fill the checkbox to suscribe.