S.A. San Miguel A.G.I.C.I. y F. (the “Issuer”, the “Company” or “San Miguel”, interchangeably), a leader in lemon production and export in the southern hemisphere, successfully concluded a placement of 773,618,161 shares, of which 722,217,482 were paid in cash, 674,520 through the delivery of Series VIII Notes, and 50,726,159 through the delivery of Series IX Notes, as defined in the Prospectus dated March 27, 2024, and the Subscription Notice dated April 3, 2024. The Final Subscription Price was set by the Company at $750 per every 10 Shares.

Through this issuance, San Miguel publicly offered its shares again after its follow on in 2017. This financial milestone represents the first follow-on in Argentina in the last three years. 

The offering was directed to the local and international markets.

The public offering and listing of the Shares were authorized by the National Securities Commission (CNV for its acronym in spanish) and Bolsas y Mercados Argentinos S.A.

The issuance was pre-financed with two bridge loans granted by certain controlling shareholders of San Miguel through subordinated debt and by Dondolo Family Enterprises and African Pioneer Beverages through a term loan, both of which committed to subscribe Shares and to capitalize both loans within the framework of the capital increase for up to the amounts due under such loans. The drafting and negotiation of both contracts were handled by Nicholson y Cano Abogados.

Based in the Province of Tucumán, San Miguel is engaged in the production, marketing, and export of fresh citrus and industrialized derivatives from the southern hemisphere. Additionally, it is the world’s leading company in processing value-added citrus products, accounting for 15% of global lemon processing. San Miguel is recognised by its more than 200 international customers in over 50 countries as a reliable citrus producer that maintains high quality standards.

San Miguel, the controlling shareholders, Dondolo Family Enterprises, and African Pioneer Beverages received advice from Nicholson yCano Abogados, while TCA Tanoira Cassagne advised Latin Securities S.A. as the lead organizer and placement agent, and Balanz Capital Valores S.A.U., Puente Hnos S.A., and Cocos Capital S.A. as placement agents.

Advisors to S.A. San Miguel A.G.I.C.I. y F., the controlling shareholders, Dondolo Family Enterprises, and African Pioneer Beverages:

Nicholson yCano Abogados: Partner Marcelo Villegas. Associates Juan Martín Ferreiro, Andrea Schnidring, Darío Pessina, Jesica Pabstleben, Mariana Carbajo and  Solana Mac Karthy.

AdvisorstoLatin Securities S.A., Balanz Capital Valores S.A.U., Puente Hnos S.A., and Cocos Capital:

TCA Tanoira Cassagne: Partners Alexia Rosenthal, Rocío Carrica, and Ignacio Criado Diaz. Associates Carolina Mercero, Juan Manuel Simo, and Stefania Lo Valvo.

Related content