Buenos Aires, June 24th, 2021. On May 26th, INVAP S.E. (“INVAP”) issued Class IV Notes, carried out in three series for a total nominal amount of US$10,126,883 at the Initial Exchange Rate. The issuance was made under the company’s Global Program for the issuance of short, medium and/or long-term notes for a maximum outstanding amount of up to US$50,000,000 (or its equivalent in other currencies and/or units of value).
Series I Notes, denominated, subscribed, and payable in Pesos, were issued for a nominal amount of AR$269,000,000 (equivalent to US$2,855,323 at the Initial Exchange Rate). Maturing on May 26th, 2023, they will accrue interest at a floating rate, equivalent to Badlar private rate plus a cut-off margin of 5.00%, and will amortize its principal in four payments of 25% of the nominal value, to be made in the last four quarters.
Series II and Series III Notes were denominated in U.S. Dollars, while they were integrated at the Initial Exchange Rate and will be payable at the Applicable Exchange Rate, in Argentine Pesos (dollar-linked). Series II was issued for a par value of US$4,060,560 and will mature on May 26th, 2024. It will accrue interest at a fixed rate of 4.25% and will amortize its principal in four payments of 25%, to be made in the last four quarters.
Series III was issued for a nominal amount of US$3,211,000 and will mature on May 26, 2026. This series will accrue interest at a fixed rate of 5% and will amortize its principal in 14 payments as of the seventh quarter.
The Class IV Notes have been locally rated “A-(arg)” by FIX SCR S.A. on May 13. In addition, they were admitted for listing in Bolsas y Mercados Argentinos S.A. and authorized for trading in the Mercado Abierto Electrónico S.A.
In the issuance, SBS Capital S.A. and Banco de Galicia y Buenos Aires S.A.U. acted as organizers, while SBS Trading S.A. and Banco de Galicia y Buenos Aires S.A.U. acted as placement agents. Additionally, Banco Patagonia S.A. acted as a sub-placement agent. All parties were advised by Beccar Varela’s team led by partner Luciana Denegri, also comprised of associates María Victoria Pavani, María Inés Cappelletti, Joaquín Vallejos and Julián Ojeda.