Tanoira Cassagne Abogados advised Meranol S.A.C.I. issuance in the local market of Notes Class 1, in US dollars, and Notes Class 2, in Argentine pesos (collectively the “Notes”) for the overall sum of AR$ 97,000,000. The amount of Series 1 Notes issued was US$ 1,370,000 and the corresponding Notes Class 2 was AR$ 78,080,985. The issuance was made under the Small and Medium Enterprises (“SMEs”) public offering regime.
The Notes were successfully placed on 29 June 2016 through the placement platform of the Mercado de Valores de Buenos Aires S.A.
This operation was the largest debt issuance under the SMEs public offering regime, as SME companies previously had a regulatory issuance limit of AR$ 15,000,000, which was recently increased by authorities to AR$ 100,000,000. In addition, the rates obtained under the tender have been very convenient for the company, which shows investors interest in the issuance.
The stated maturity of the Notes will be June 30, 2019. The Notes were issued at an issue price of 100% of the nominal value. Class 1 Notes (in US dollars) were issued at a fixed rate set at 5% per annum and Class 2 Notes (in Argentine pesos) will have a variable interest rate equivalent to the rate Badlar, since the offered spread that was tendered at 0%. Interest will be payable semiannually in both classes.
Meranol is a company dedicated to the production and marketing of chemicals. In the past, he made two prior issuances of bonds under the SMEs regime and a public offering of shares in December 2012.
The Company has applied to obtain listing of the Notes on the Mercado de Valores de Buenos Aires S.A. and the Mercado Abierto Electrónico S.A.
Advice to Meranol S.A.C.I., as issuer INTL CIBSA S.A. and Banco de Valores S.A. as arrangers and placement agents:
Tanoira Cassagne Abogados: Partner Alexia Rosenthal and associates Rocio Carrica and Ignacio Nantes.