Beccar Varela advises on NGO Sumatoria’s social bond issuance.
Buenos Aires, December 13th, 2022. On December 7th, Asociación Civil Sumatoria para una Nueva Economía (“Sumatoria”) carried out the issuance of its third class of notes, the proceeds of which will be destined for the financing of microcredits. Class III Notes were issued in a single series under a specific SME regime, for a nominal amount of AR$120,000,000, maturing on December 7th, 2024, with an interest rate equivalent to BADLAR private rate; these notes were oversubscribed by 11 times the issued amount.
The Notes are aligned with the International Capital Market Association’s (ICMA) Sustainable Bond Principles 2021 (SBG) and were issued following the “Guidelines for the Issuance of Social, Green and Sustainable Securities in Argentina” contained in the CNV Rules (N.T. 2013 and mod). The Notes evaluation as a Sustainable Bond was carried out by San Martín, Suarez y Asociados, a firm that issued a Second Opinion Report in its capacity as an independent verifier. In compliance with the provisions of the guidelines abovementioned, Sumatoria will allocate the total net proceeds from the Notes issuance to grant financing to Sustainable Projects.
The Notes were admitted for listing on Bolsas y Mercados Argentinos S.A. in the SVS Panel and authorized for trading at Mercado Abierto Electrónico S.A.
In this issuance, Sumatoria acted as issuer, while Banco Comafi S.A., Banco de Galicia y Buenos Aires S.A.U., and Banco Santander Argentina S.A. acted as organizers, placement agents, and guarantors.
In this case, as a counter-guaranty in favor of the guarantors, Sumatoria assigned the latter certain collection rights guaranteed by a syndicate of SGRs. Finally, TMF Trust Company (Argentina) S.A. assumed the role of an agent of the aforementioned counter-guaranty.
Sumatoria, Banco Comafi S.A., Banco de Galicia y Buenos Aires S.A.U., and TMF Trust Company (Argentina) S.A. turned to Beccar Varela’s team, led by Luciana Denegri, assisted by María Victoria Pavani, Julián Ojeda, María Belén Tschudy, and Tomás Bautista Cappellini.
Banco Santander Argentina S.A. has been advised by Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) team, led by Diego Serrano Redonnet, assisted by Nicolás Aberastury and Adriana Tucci.