PAGBAM steers placement agents on the issue of Notes Series in favour of San Miguel

Pérez Alati, Grondona, Benites & Arntsen has advised placement agents on the issuance of Notes Series V for a nominal value of up to  $160,000,000 dollars in favour of San Miguel

San Miguel, a leading producer and exporter of lemons in the Southern Hemisphere, successfully completed the issue of its Notes Series V for a total amount of US$ 60,000,000, under its Global Note Program for the issuance of notes for a nominal value of up to  $160,000,000 dollars. The proceeds will be used to i) finance working capital, ii) capital goods (financing of the development of new plantations and replacement of old plantations that are below their maximum productivity) and iii) refinancing of medium-term liabilities.

The tender of the negotiable obligations was oversubscribed, receiving offers that reached up to $160,000,000 dollars.

The bonds were issued on February 19, 2021, in two classes: Class A for an amount of $ 15,000,000 dollars, denominated in dollars, payable in pesos at the applicable exchange rate without accrual of interest (the interest rate was 0%) and maturing in 12 months from the issuance date; and class B for an amount of $ 45,000,000 dollars, denominated in dollars and payable in pesos at the exchange rate applicable to a fixed interest rate of 4.99% and maturing in 36 months from the issuance date. 

San Miguel was advised by Nicholson y Cano Abogados, while Pérez Alati, Grondona, Benites & Arntsen advised the placement agents: Banco Santander Río S.A. -which also acted as organizer-, Balanz Capital Valores S.A.U, , Allaria Ledesma & Cia. S.A., AR Partners S.A., Puente Hnos., Banco de Crédito y Securitización S.A. (BACS), Banco Hipotecario S.A. and Banco de la Provincia de Buenos Aires.

Based in the province of Tucumán, San Miguel is 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.

Pérez Alati, Grondona, Benites & Arntsen team was led by partner Diego Serrano Redonnet (pictured) and associates Nicolás Aberastury and Pablo Vidal Raffo.