San Miguel

in implementation

S.A. San Miguel A.G.I.C.I. y F. (Argentina); S.A. San Miguel Uruguay, Samifruit Uruguay S.A., San Miguel International Investments S.A. (Uruguay); and Agrícola Hoja Redonda S.A. (Perú) (jointly "San Miguel" or the "Companies") are one of the southern hemisphere’s primary producers and exporters of off-season fresh citrus  (180,000 tons of lemon, sweet citrus avocado and grape), and of products derived from citrus crushing with added value (essential oils and essences, juice, pulp and peel). San Miguel is a citrus leader, with a 9% market share of the off-season lemon market and 15% of global lemon crushing volume.IDB Invest’s operation consists of an A/B loan to San Miguel for up to $ 60.0 million, with a nine-year term (seven years for the B loan), a two-year grace period and a guarantee on assets acceptable to IDB Invest. The funds will be used to finance: (i) capital investments for San Miguel’s (agricultural and industrial) growth and maintenance for the years 2018, 2019 and 2020 in Argentina, Uruguay and Peru; (ii) permanent working capital to cover the structural needs of San Miguel’s agricultural business cycle for its operations in Argentina, Uruguay and Peru; and (iii) refinance short- and medium-term debt (the “Project”).