According to the Global Program for the issuance of short, medium and/or long term Corporate Bonds (Corporate Bonds, in Spanish) of up to USD 50,000,000 (or its equivalent in other currencies), INVAP S.E. (Argentine state-owned applied research company) is in the process of placing the following bonds:
- Corporate Bonds Class II, Series I, at a fixed rate of 25%, with a maturity date of 12 months and a face value of up to 20,000,000 Argentine pesos.
- Corporate Bonds Class II Series II at a variable rate (BADLAR rate plus a margin) with a maturity date of 48 months and a reference face value of 130,000,000 Argentine pesos (*).
The Corporate Bonds Class II are offered in accordance with the main terms and conditions included in the Program’s prospectus dated November 11, 2014, and the price supplement dated November 13, 2014, which should be analyzed by investors before deciding. The amount of issued Corporate Bonds Class II and the margin of the issuer’s Corporate Bonds Class II, Series II, will depend on the placement process.
The period of public announcement began on November 25, 2014, and will end on November 28, 2014. Purchase orders to submit the Corporate Bonds Class II will be only accepted during the Public Auction that will be carried out from December 1 at 10 a.m. to December 3 at 4 p.m. through the tender module developed by the SIOPEL system of the Electronic Open Market (MAE, in Spanish).
Interests of the Corporate Bonds Class II will be paid every three months. One hundred percent of the face value of the Corporate Bonds Class II, Series I, will be paid in one installment on the corresponding due date of Series I; and one hundred percent of the face value of the Corporate Bonds Series II will be paid in quarterly installments, increasing annually and consecutively, beginning in the 15th month after their date of issue.
On October 24, 2014, each of the Corporate Bonds Class II has been classified as “A-(arg)” by the Credit Rating Agency FIX SCR S.A. (formerly called Fitch Argentina Calificadora de Riesgo S.A.).
The organizing company is SBS Capital S.A. and the underwriters are Grupo SBS (through SBS Trading S.A. and SBS Trade S.A.) and Nación Bursátil Sociedad de Bolsa SA.
(*) The total amount of the Corporate Bonds Series I and the Corporate Bonds Series II issued cannot exceed the total face value of 150,000,000 Argentine pesos, though Series II can be issued with a face value larger than the reference face value of the Series II.