Genneia issues Argentina's first corporate green bond for $366 million
Genneia S.A., the leading renewable energy-generation company in Argentina, has successfully completed the issuance of class XXXI notes, the country's first-ever corporate green bond in the international capital market.
To make way for the deal, Genneia successfully concluded a liability management operation that consisted in the issuance of class XXXI negotiable obligations.
The face value of the new notes was set at $366,118,638, at a fixed rate of 8.75%, maturing in 2027, to be paid in 10 equal semiannual installments. The transaction was launched on August 2,2021 and settlement took place on September 2, 2021.
The green bond is backed by the proceeds of the Madryn Wind Farm, the largest in the country and is aligned with the four main components of the 2018 ICMA (International Capital Market Association) green bond principles and the guidelines for the issuance of social, green and sustainable negotiable securities in Argentina, set forth in the rules of the National Securities Commission.
Attorneys from the law firm Bruchou, Fernández Madero & Lombardi, specifically partner José María Bazán and associates Facundo Sinato, Cristian Ragucci and Manuel Etchevehere, participated as legal advisors.
BofA Securities and J.P. Morgan Securities acted as dealer managers; Macro Securities acted as local placement agent; UMB Bank acted as representative of the holders of the new notes, registration agent, New York transfer agent and New York paying agent.
Banco Santander Río acted as registrar, transfer agent and Argentine paying agent and representative in Argentina of the representative of the holders of the new notes, and Banco Comafi acted as trustee of the guarantee trust.
Genneia is a leading company in the supply of energy solutions based on the use of state-of-the-art technologies. It is the leading investor in renewable energy projects in Argentina, accounting for 25% of the country's installed wind power capacity, making it one of the ten largest generators in South America.
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