Nicholson Cano and TCA assist in new San Miguel share placement
Nicholson y Cano has assisted San Miguel, a producer and exporter of lemons in the southern hemisphere, and Tanoira Cassagne Abogados the underwriters, in the placement of shares following the 2017 llow on, representing the first follow on in Argentina in the last three years.
This transaction consisted of the placement of 773,618,161 San Miguel Shares, of which 722,217,482 were integrated in cash, 674,520 through the delivery of Negotiable Obligations Series VIII, and 50,726,159 through the delivery of Negotiable Obligations Series IX, as such terms were defined in the Prospectus dated 27 March 2024 and the Subscription Notice dated 3 April 2024. The Final Subscription Price was set by the Company at $750 per 10 Shares.
The offer was directed to the local and international market.
The public offering and listing of the Shares was authorised by the Comisión Nacional de Valores and Bolsas y Mercados Argentinos.
The issue was pre-financed with two bridge loans provided by certain controlling shareholders of San Miguel by way of subordinated debt and by Dondolo Family Enterprises and African Pioneer Beverages by way of a term loan, which committed to subscribe for Shares and to capitalise both loans under the capital increase up to the amounts due under such loans. Both agreements were drafted and negotiated by Nicholson y Cano Abogados.
Based in the Province of Tucumán, San Miguel is engaged in the production, marketing and export of fresh citrus fruits and industrialised derivatives from the southern hemisphere. It is also the world’s leading company in the processing of value-added citrus by-products, accounting for 15% of global lemon grindings. San Miguel is recognised by its more than 200 international customers in over 50 countries as a reliable citrus producer with high quality standards.
San Miguel, the controlling shareholders and Dondolo Family Enterprises and African Pioneer Beverages were advised by Nicholson y Cano Abogados, while TCA Tanoira Cassagne advised Latin Securities as arranger and placement agent and Balanz Capital Valores, Puente Hnos and Cocos Capital as underwriters.
Nicholson Cano’s team comprised partner Marcelo Villegas (pictured left), and associates Juan Martín Ferreiro, Andrea Schnidring, Darío Pessina, Jesica Pabstleben, Mariana Carbajo and Solana Mac Karthy.
TCA’s team was led by partners Alexia Rosenthal (pictured centre, left), Rocío Carrica (pictured centre, right) and Ignacio Criado Diaz (pictured right), with the support of associates Carolina Mercero, Juan Manuel Simo and Stefania Lo Valvo.
