MCRM in PRO MUJER’s new gender-focused social bond issue
Mitrani Caballero & Ruiz Moreno has advised PRO MUJER Servicios Financieros in the issuance of PRO MUJER Series II Negotiable Obligations, with gender focus under the Simplified and Guaranteed Regime for issuance of Negotiable Obligations with Social Impact.
The issue was made on September 12, where the Series II Notes will mature on September 12, 2024, were issued for a nominal amount of AR$370.000.000.000 and will accrue interest at a variable interest rate, which will be equivalent to the Private Badlar Rate plus a margin of 2.5% nominal annual interest rate.
The Notes are aligned with the Social Bond Principles (SBP) of the ICMA (International Capital Market Association) and have been issued in accordance with the “Guidelines for the Issuance of Social, Green and Sustainable Securities in Argentina” contained in the CNV Rules (N.T. 2013 and mod).
The Universidad Nacional de Tres de Febrero (UNTREF), in its capacity as external reviewer, qualified the Notes as “bono social BS2”. In addition, the Notes were admitted for listing on the Argentine Stock Exchange and Markets, on the SVS Panel and authorised for trading on the Electronic Open Market.
Banco Comafi, Banco de Galicia y Buenos Aires, Banco Hipotecario, Banco Santander Argentina and Banco Supervielle acted as arrangers, underwriters and guarantors, while Allaria Ledesma & Cía acted solely as underwriter. These entities were advised by Beccar Varela.
PRO MUJER, will use the total amount raised for the direct financing of 2300 people, of which 92.83% are low-income women, owners of micro and small businesses, who carry out and/or work in productive economic activities, services, commerce, textiles or agriculture and/or in the semi-formal economy, and who need financing for investment capital and operations of their micro-enterprises or for their families.
MCRM’s team included partner Mercedes Rodriguez Giavarini (pictured left), senior counsel Nicolás Fernandez Madero and associates María Elena Olmedo and Melina Goldberg. Partner Corina Laudato (pictured centre) and associate Juan Manuel Iglesias Mamone advised on tax matters.
Beccar Varela’s team consisted of partner Luciana Denegri (pictured right) and associates María Inés Cappelletti and Julián Ojeda.
