Beccar Varela advises Hidrotec on Series II Notes’ issuances
September, 2024 - Buenos Aires, Argentina
On August 21, 2024, Hidrotec S.A. ("Hidrotec") issued Series II Notes under the PYME CNV regime.
The Series II Class I Notes (the "Class I") were issued for a nominal value of ARS 2,566,424,470, at an annual nominal variable rate equivalent to the Badlar rate plus a margin of 3.48% p.a., with interest payable quarterly. Class I has a maturity date of February 21, 2026, and 100% of the nominal value will be amortized in three (3) installments: (i) the first, equivalent to 33% of the nominal value, at 12 months; (ii) the second, equivalent to 33% of the nominal value, at 15 months; and (iii) the third, equivalent to the remaining 34% of the nominal value, on the Maturity Date of Class I.
The Series I Class II Notes (the "Class II") are denominated in U.S. Dollars but were integrated and will be paid in Pesos. They were issued for a nominal value of USD 460,000 at a fixed rate of 3% p.a., with interest payable quarterly. Class II has a maturity date of August 21, 2026, and 100% of the nominal value will be amortized as follows: (i) the first, equivalent to 33% of the nominal value, at 18 months; (ii) the second, equivalent to 33% of the nominal value, at 21 months; and (iii) the third, equivalent to the remaining 34% of the nominal value, on the Maturity Date of Class II.
The Series II Notes were admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading on the Mercado Abierto Electrónico S.A.
In the issuance, Hidrotec acted as the issuer, while Banco de Galicia y Buenos Aires S.A.U. and Banco Supervielle S.A. acted as organizators, placement agents, and guarantors. All parties involved in the transaction turned to Beccar Varela’s team led by Luciana Denegri, with the participation of Julián Alejandro Ojeda, Martina Puntillo and Carlos Nicolás Saúl Lucero.·
