2023-04-18 23:16:00
The Cordovan company Promedon closed its issuance of negotiable obligations (ON) receiving offers six times more than what it was looking for in the capital market.
The Olmedo family company sought $800 million through ON under the SME regime of the National Securities Commission (CNV), but received offers for more than $24,000 million.
The issue was in pesos and included a tranche in dollar linked and another tranche at a variable rate (Badlar rate plus a spread).
But most of the offers were concentrated in the section dollar linkedclosing at a rate of 0%, so the variable rate tranche was declared void.
This SME NO is guaranteed by the banks of Córdoba (Bancor), Comafi, Supervielle and the Banco de Servicios y Transacciones (BST), the latter an entity specialized in capital market products. The placement agents were these entities and the Dracma stock exchange company.
The first third of the capital will be amortized in 24 months and the other two in 30 and 36 months; while the interest payment (in this case the official variation of the exchange rate) will be made on a quarterly basis.
In this way, the company will pay the variation registered by the official exchange rate of the dollar.
Promedon is a Cordovan company that exports net prostheses for urological use (to solve urinary incontinence problems) and, since last year, also a manufacturer of prostheses for arthroscopy (targeting sports injuries). It exports 80% of what it produces at its plant in the Ferreyra Industrial Park and sells to more than 60 countries. In addition, it is present in Brazil, Chile, Mexico and Germany.
John Walker, vice president of Dracma, ensures that this type of financing instrument is very beneficial, both for an exporting SME and for the investor.
“For the issuing company, the ON Pyme regime is very good, especially for an export firm due to its ability to generate dollars with foreign sales. But it is also good for the investor, because it is guaranteed by banks and it is also covered by the variation in the exchange rate”, he points out.
According to Walker, the main condition is that the issuing SME is an orderly company: “To have the SME certificate, you basically have to be up to date with taxes.”
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