Beccar Varela and Mitrani, Caballero & Ruiz Moreno advise on a new notes’ issuance by PRO MUJER under the Guaranteed Regime for Social Impact Issuances

September, 2023 - Buenos Aires, Argentina

Buenos Aires, 19 September 2023. On September 12th, PRO MUJER Servicios Financieros S.A. carried out a new issuance of social bonds with focus on gender perspective under the Simplified and Guaranteed Regime for issuances with Social Impact.

The PRO MUJER Series II Notes, maturing on September 12th, 2024, were issued for a nominal amount of AR$370,000,000, and will accrue interest at a floating rate equivalent to Private Badlar Rate plus a 2.50% nominal annual margin.

Furthermore, the Notes are aligned with ICMA’s International Capital Market Association) Social Bond Principles and were issued in accordance with the guidelines for the issuance of Social, Green, and Sustainable Bonds contained in the Rules of the Argentine National Securities and Exchange Commission (the Guidelines). The rating of the Notes as “social bonds BS2” was carried out by Universidad Nacional de Tres de Febrero (UNTREF) in its capacity as external reviewer.

In accordance with the Guidelines, PRO MUJER will allocate the entire net incomes resulting from the issuance of the Notes to finance 2,300 individuals, of whom 92.83% are low-income women. These women are entrepreneurs who own SMEs engaged in a range of productive economic activities, including services, commerce, textiles, agriculture, and participation in the semi-formal economy. This financing is designed to support both investment capital for their microenterprises as well as financial transactions for their families.

The Notes were admitted for listing on Bolsas y Mercados Argentinos S.A., at the Panel for Social, Green and Sustainable Bonds, and authorized for trading at Mercado Abierto Electrónico S.A.

In the issuance, Banco Comafi S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Hipotecario S.A., Banco Santander Argentina S.A. and Banco Supervielle S.A.. and acted as organizers, placement agents and guarantee entities, whilst Allaria Ledesma & Cía S.A. only acted as placement agent.

Legal counsel to PRO MUJER

Mitrani, Caballero & Ruiz Moreno: partner Mercedes Rodriguez Giavarini; senior counsel Nicolás Fernandez Madero, and associates María Elena Olmedo, and Melina Goldberg. Tax advice: partner Corina Laudato and associate: Juan Manuel Iglesias Mamone.

Legal counsel to the Organizers, Placement Agents, and Guarantee Entities

Beccar Varela: partner Luciana Denegri and associates María Inés Cappelletti, and Julián Ojeda.