Bruchou advises on the first issue of Luz de Tres Picos

Bruchou, Fernández, Madero & Lombardi has assisted Luz de Tres Picos in its first issue of Negotiable Obligations that qualify as Green Bonds

 Bruchou, Fernández, Madero & Lombardi has advised Luz de Tres Picos S.A. on the placement of its first issue of Negotiable Obligations, which qualify as Green Bonds, for a face value of $30 million US dollars. They were issued under the framework of its Global Program for the Issuance of Negotiable Obligations for up to $ 100 million.

Banco Itaú Argentina S.A.; Banco de Galicia y Buenos Aires S.A.U.; PP Inversiones S.A.; Banco BBVA Argentina S.A.; Balanz Capital Valores S.A.U.; Itaú Valores S.A.; Banco Santander Río S.A.; Industrial and Commercial Bank of China S.A.U; Banco Patagonia S.A.; Max Capital S.A.; and BACS Banco de Crédito y Securitización S.A. acted as placement agents.

The Company received bids for $108,927,721 dollars, more than three times the maximum amount of Class I Notes to be issued, and the interest rate was 0%.

The Class I Notes were issued in line with the four main components of the International Capital Market Association’s Green Bond Principles, were issued following the ‘Guidelines for the Issuance of Social, Green and Sustainable Securities in Argentina’ and the provisions of the Guide for Social, Green and Sustainable Bonds of the Panel of Bolsas y Mercados Argentinos S.A. Thus, in the green bond evaluation carried out by FIX SCR S.A., they have been rated “BV1 (arg)”.

Furthermore, the Class I Notes have been authorised for listing on the Green Panel of ByMA and for trading on the Mercado Abierto Electrónico S.A. (Open Electronic Market).

Bruchou’s team was led by partner José María Bazán (pictured left), together with associates Manuel Etchevehere (pictured right) and Valentín Alfreo Bonato.