San Miguel: Supporting the Regional Transition toward Higher Value-Added Agribusiness

proposed

The proposed transaction consists of a senior A/B loan to San Miguel of up to US$40.5 million, with an eight-year tenor (seven years in the case of the B loan), including a two-year grace period and collateral over assets acceptable to IDB Invest, and  a parallel senior A/B loan of up to US$40.5 million on terms similar to our financing. The funds will be used to finance: (i) capital investments for growth (agricultural and industrial) and maintenance of San Miguel for the years 2025, 2026, and 2027 in Argentina and Uruguay; and (ii) the refinancing of short- and medium-term debt (the “Project”).S.A. San Miguel A.G.I.C.I. y F. (Argentina), S.A. San Miguel Uruguay, Samifruit Uruguay S.A., and San Miguel International Investments S.A. (Uruguay) (collectively, “San Miguel” or the “Companies”) constitute the leading producer and exporter in the Southern Hemisphere of value-added products derived from citrus processing (oils and aromas, cloudy and clarified juices, and dehydrated peel). With 70 years of history, San Miguel is a global agribusiness company of Argentine origin and the world’s largest industrial lemon processor, accounting for 16.0% of global milling volume. With operations in Argentina, Uruguay, and South Africa, it supplies 100% lemon-based natural ingredients to leading food, beverage, pharmaceutical, and cosmetics companies in more than 30 countries across five continents