We counseled Genneia and the Placement Agents on the issuance of Green Notes for US$73,432,000

New Deal - February 16, 2023

On February 10th, 2023, Genneia S.A. (“Genneia”) issued Notes for a nominal value equivalent to US$73,432,000: Series XXXVIII denominated in U.S. Dollars, subscribed and payable in Argentine Pesos at the exchange rate established in the offering documents (dollar-linked) (jointly, the “Notes”).

The Notes comply with (i) the four main components of the ICMA’s (International Capital Market Association) Green Bond Principles 2018 (GBP), (ii) the Guidelines for the Issuance of Social, Green and Sustainable Negotiable Securities in Argentina, as set forth in the Rules of the National Securities Commission, and (iii) the Guide to Social, Green and Sustainable Bonds at the Bolsas y Mercados Argentinos S.A. Panel (“BYMA”). In addition, Genneia has a Second Party Opinion issued by Sustainalytics, an external reviewer, confirming that the Genneia’s Green Bond Framework is impactful and aligns with the four main components of the GBP.

Series XXXVIII Notes will be due on February 10th, 2033. The unamortized capital of the Class XXXVIII Notes will accrue interest at a fixed interest rate of 4.5%, and the capital will be amortized in thirteen semi-annual installments, of which the first 12 installments will be equal to 7.69% of principal and the last installment will be equal to 7.72% of principal.

The Notes have been admitted for listing in the SVS Panel of BYMA, and authorized for its negotiation in the Mercado Abierto Electrónico S.A.

Moody’s Agente de Calificación de Riesgo. rated the Notes as “ AA-.ar”.

Under this issuance, (i) Banco Macro S.A. acted as arrangement agent; and (ii) Macro Securities S.A.U. acted as placement agent ((i) and (ii) jointly, the “Placement Agents”).

This issuance is part of Bruchou & Funes de Rioja’s Climate Action and Sustainable Business Platform, which has been created to meet the growing demand from its clients on an issue that occupies an expanding space in the global, regional and local corporate agenda. Bruchou considers that urgent climate action is needed to reduce carbon emissions, and to support its clients’ efforts in this regard, in line with the goals set by the UN’s Paris Agreement. In that sense, Bruchou has participated in almost all green bond issues on the local and international market.

Deal Counsel:

Bruchou & Funes de Rioja: counseled Genneia and the Placement Agents through a team led by partner José María Bazán, and associates Manuel Etchevehere and Branko Serventich.

In-house counsel: Eduardo Segura, Carlos Lovera and Matías Julian Fraga.