Beccar Varela advises Trasa on the issuance of the first social bond by a B Corporation in the Argentine market.
July, 2023 - Buenos Aires, Argentina
Buenos Aires, July 3rd, 2023. On June 6th, TR Argentina S.A. (“Trasa”) carried out the first bond issuance of a social bond placed by a B Corporation in Argentina. Series I Bonds (the “Notes”), with a maturity date of December 6th, 2024, were issued for a nominal value of AR$30,000,000 and will accrue interest at a variable interest rate equivalent to Badlar private rate. Furthermore, these Notes are aligned with the Social Bond Principles (SBP) of the International Capital Market Association (ICMA) and have been issued in accordance with the “Guidelines for the Issuance of Social, Green, and Sustainable Securities in Argentina” contained in the CNV Regulations (N.T. 2013 and mod). In their second opinion report, San Martín, Suárez y Asociados classified these Notes as a social bond.
Trasa has allocated the entire proceeds from the notes issuance to the working capital recomposition used for the construction, installation, and operation of eleven ATMs and three modular financial inclusion units in underserved neighborhoods located in various zones of Argentina.
The Notes have been admitted for listing on Bolsas y Mercados Argentinos S.A. on the SVS Panel and authorized for trading at Mercado Abierto Electrónico S.A.
In this Notes issuance, Banco de Galicia y Buenos Aires S.A.U. acted as the organizer, placement agent, and guarantor.
The parties involved in the notes issuance turned to Beccar Varela’s team, led by partner Luciana Denegri and associates Julián Ojeda and María Belén Tschudy. Additionally, partner Fernanda Mierez provided advice on the Environmental, Social, and Governance (ESG) aspects of the transaction.
