Beccar Varela advises on the issuance of the first social bond of NGO Sumatoria.
Buenos Aires, December 29th, 2021. On December 27th, Asociación Civil Sumatoria para una Nueva Economía (“Sumatoria”) carried out its first notes’ issuance in the local capital market with Class I notes, under a specific SME regime, offered in two series, for a total nominal amount of AR$30 million (the “Notes”).
Series I Notes were issued for a nominal amount of AR$13,065,000, maturing on March 27th, 2023, accruing interest at a nominal annual fixed rate of 30%. Series II Notes were issued for a nominal amount of AR$16,095,000 and will mature on March 27th, 2023, accruing interest at a floating rate, equivalent to the private Badlar rate.
Class I Notes are aligned with the 2021 Social Bond Principles of the International Capital Market Association and were issued in accordance with the guidelines for the issuance of Social, Green, and Sustainable contained in the National Securities and Exchange Commission. The rating of Class I Notes as a Social bond was carried out by the local university Universidad de Tres de Febrero, whilst San Martín, Suarez y Asociados issued a Second Opinion Report.
Sumatoria will allocate all net proceeds from the issuance of Class I Notes to its corporate purpose, including the facilitation and expansion of COVIDA-20 fund financing activities, among others. COVIDA-20 fund is a financial model, launched in response to the health, social and economic crisis generated by the COVID-19 global pandemic. In addition, Class I Notes were admitted to listing on Bolsas y Mercados Argentinos S.A. at the panel of social, green, and sustainable bonds and authorized for trading at Mercado Abierto Electrónico S.A.
Sumatoria acted as issuer while Banco Comafi S.A. acted as organizer, placement agent and guarantee entity. All parties involved were advised by Beccar Varela’s team, led by partner Luciana Denegri, also comprised of partners Daniel Levi and María Fernanda Mierez, and associates María Victoria Pavani, Nicolás Rukavina Mikusic, María Inés Cappelletti, Julián A. Ojeda, and Franco Montiel.