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Beccar Varela 

September, 2020 - Buenos Aires, Argentina

 

 

CP Manque and CP Los Olivos issue green bonds supported for listing on the BYMA SVS Panel

 

On September 2, 2020, CP Manque S.A.U. and CP Los Olivos S.A.U. (the "Co-Issuers"), subsidiaries of Central Puerto S.A. (“CEPU”) jointly issued Notes for an aggregate principal amount of US$35,160,000 and AR$1,109,925,000 (the "Notes"). The Notes were guaranteed by CEPU by means of an aval.

The Co-Issuers, two renewable energy provider companies, were advised by Bruchou, Fernández Madero & Lombardi in the admission to the public offering regime of the CNV and in the creation of their Program.

The Notes comply with the four main components of the ICMA's (International Capital Market Association) Green Bond Principles 2018 (GBP) and the Guidelines for the Issuance of Social, Green and Sustainable Negotiable Securities in Argentina, as set forth in the Rules of the National Securities Commission. Thus, in the green bond evaluation carried out by FIX SCR S.A., they have been qualified as "BV1 (arg)".

The Co-Issuers will mainly use the net proceeds from the Notes issuance to refinance the debt incurred for the construction of its wind farms.

The Class I Notes due in 36 months from their date of issuance and settlement, i.e. September 2, 2023. Although they were U.S. dollar-denominated, they were subscribed and will be payable in Argentine pesos at the exchange rate provided for in the offering documents (dollar-linked). As a result of the offering, no interest will be paid and the principal will be amortized in a single payment on the due date. On August 24, Fix rated them "A+ (arg)".

The Class II Notes due in 12 months from their date of issuance and settlement, i.e., September 2, 2021, will accrue interest at a nominal annual variable rate equal to the sum of the Badlar Rate plus 0.97%. Interest will be paid quarterly and the amortization of the capital will be in a single payment on the due date. Fix rated them "A1 (arg)" on July 24th.

Both Classes of Notes have been admitted for listing in the SVS Panel of Bolsas y Mercados Argentinos S.A., being the first notes admitted in that panel originally, and authorized for its negotiation in the Mercado Abierto Electrónico S.A.

Banco de Galicia y Buenos Aires S.A.U., Banco Mariva S.A., Banco Santander Río S.A., Macro Securities S.A., Puente Hnos. S.A. and TPCG Valores S.A.U. acted as placement agents.

The Co-Issuers were advised by Bruchou, Fernández Madero & Lombardi (team led by José María Bazán, assisted by Juan Barros Moss and Manuel Etchevehere) and by their in-house lawyers José Manuel Pasos, Leonardo Marinaro, Paola Ibarra and Christian Rodriguez Montes.

The Placement Agents were advised by Beccar Varela (team led by Luciana Denegri, assisted by María Victoria Pavani, María Inés Cappelletti and Carolina Daher).


 

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