Beccar Varela advises Sumatoria on a new Issuance of Notes.

September, 2023 - Buenos Aires, Argentina

Buenos Aires, 15 September 2023. On September 13th, the NGO Sumatoria para una Nueva Economía (Sumatoria) carried out its fourth notes issuance, whose funds are aimed at financing thirteen projects and ventures with social, green, and sustainable impact in areas such as financial inclusion, agroecology, organic and healthy eating, conservation and regeneration, socio-urban infrastructure, social economy, circular economy, and impact organizations and companies.

Class IV Notes were issued under CNV’s Guaranteed SME regime (Régimen PYME CNV Garantizada) for a nominal value of AR$200 million, for a 24-month term, and accruing interest at the floating private BADLAR rate. Also, Bolsas y Mercados Argentinos (BYMA) has authorized the listing of the notes on the Panel of Social, Green, and Sustainable Bonds (SGS BONDS), given the sustainable nature of the projects they will finance.

Sumatoria, in its blended finance strategy, turns to financing in the capital markets to grant loans aimed at projects that generate positive impact. Matías Kelly, co-founder and director of Sumatoria, stated: “We are issuing our fourth Notes Issuance during 2023, working with the market to continue addressing the demand for impact credit in crises, where financing is increasingly difficult to access.” The projects to be financed include Fecovita, Pro Mujer, OMLA, Vivienda Digna, Bee Pure, Sustentar, Optimizar Forestal, FIO, Almirante Don Pororoca, Nuestras Huellas, Ecotown, La Rañatela and Reciclemos San Isidro, which will contribute to generating opportunities for inclusion and work for people with disabilities, to provide access to microcredits to producers and entrepreneurial women throughout the country, to recover and reinsert waste into value chains, to generate clean and sustainable energy, and to regenerate ecosystems by capturing carbon.

In this Notes Issuance, Sumatoria acted as the issuer whilst Banco Comafi S.A. and Banco de Galicia y Buenos Aires S.A.U. acted as organizers, placement agents, and guarantee entities. The sustainable nature of the Negotiable Obligations was certified by SMS (San Martín, Suarez y Asociados), which issued a Second Opinion Report.

All parties involved were advised by Beccar Varela’s team, led by partner Luciana Denegri, also comprised of partner Daniel Levi, and associates María Inés Cappelletti and Julián A. Ojeda.