6 December 2022

San Miguel's new issuance of 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 VIII, under its Global Note Program for the issuance of Notes for a nominal value of up to US $250,000,000. 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 November 28, 2022 for an amount of US $37,810,860, are denominated in dollars payable in pesos at the applicable exchange rate; with a fixed rate of 3,5% (which can be increased as further described), with maturity on November 28, 2024 (the "Notes").

The Notes were issued in line with Sustainability Notes Guidelines comprised in the Guideline for Notes linked to Sustainability and the Framework for the listing of Notes of Bolsas y Mercados Argentinos S.A.

The special feature of this issuance is that, after 15 months since the issuance date of the Notes, the interest rate payable will be increased by (i) 100 basis  points, as long as the 25% of the applicable interest rate is not exceeded; or (ii) 50 basis points, considering the greatest between (i) and (ii), 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 49% from this subgroup of worksites, within the term of 12 months starting on November 30 2022 and ending on November 30 2023.

San Miguel was advised by Nicholson y Cano Abogados, while Pérez Alati, Grondona, Benites & Arntsen advised the placement agents: Banco Santander Argentina S.A.,  Balanz Capital Valores S.A.U.,  Allaria Ledesma & Cía. S.A.,  Banco de la Provincia de Buenos Aires, TPCG Valores S.A.U., BACS Banco de Crédito y Securitización S.A., Global Valores S.A., Max Capital S.A., Facimex Valores S.A., Latin Securities S.A., Stonex Securities S.A., BNP Paribas Sucursal Buenos Aires and Puente Hnos 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: Partner Marcelo Villegas. Associates Juan Martín Ferreiro and María Clara Pancotto. Paralegal Dario Pessina.

Advisors to the Organizers and Placement Agents:

Pérez Alati, Grondona, Benites & Arntsen: Partner Diego Serrano Redonnet. Associates Nicolás Aberastury, Nahuel Perez de Villarreal, Joaquín López Matheu and Jerónimo Juan Argonz.

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