Surcos is a company made up entirely of national capital.
Surcos has become the first company in the Argentine phytosanitary sector to issue negotiable obligations (ON) related to sustainability in environmental care.
Surcos ON is also the first to be part of the BYMA sustainability panel and is aligned with the Sustainability-Linked Bond Principles of the ICMA (International Capital Market Association).
In this regard, Surcos’ commitment to sustainability and the environment was rewarded by the capital market by receiving 93 orders in the tender for a value of 31 million dollars, exceeding previous expectations.
Finally, Surcos issued an ON a Duration 24 months, at a fixed rate of 2.73% and for an amount of 20 million dollars.
Sebastián Calvo, CEO of Surcos.
Banco Santander acted as the organizer of the tender and Banco Galicia, Supervielle, Provincia, BST, Balanz, AR Partners, Max Capital, Facimex, TPCG and Allaria acted as underwriters.
The FIX rating agency, affiliated with Fitch Ratings, certified the issue, concluding that it is aligned with the Principles of Bonds linked to Sustainability (Sustainability Linked Bond Principles, from its acronym in English) and assigned it a rating BVS 2.
Surcos’ pioneering implementation of these sustainability-related bonds offers investment opportunities in transparent sustainability elements and quantitative, predetermined, ambitious, regularly monitored and externally audited targets.
“We are very pleased with the support received from the capital market for our short- and medium-term growth strategy and also for being pioneers in issuing sustainability-related corporate bonds through the rating assigned by FIX,” he said. Sebastiano CalvoCEO of Sulchi.
“Caring for the environment it stopped being a rhetoric to become a stimulus to expand commercial and financial operations. With these results, the company continues to reaffirm its leadership in nanotechnologies that allow the use of more efficient and ecological plant protection products, verifiable with substantial benefits greater than 50%. We now face the challenge of scaling this technology around the world, which has proven effectiveness and acceptance among manufacturers, “added the manager.
Sustainability-Linked Bonds are those whose financial or structural characteristics may vary depending on whether or not the issuer achieves certain predefined Sustainability objectives.
In this sense, issuers explicitly commit to future improvements of their sustainability performance within a predefined period. Surcos has established a growth in the volume of sales of herbicides formulated with nanotechnologies that use half the active ingredient of traditional formulations and reduce the environmental impact.
Surcos is a company entirely made up of national capital and is dedicated to the research, development, production and marketing of inputs for the agricultural sector, mainly plant protection products such as herbicides, insecticides and fungicides.
The company has a team of over 300 people and supplies the entire commercial network with 14 warehouses and 11 shopping centers located in strategic locations in the country. Its products are also present in the markets of Uruguay, Paraguay, Bolivia and Colombia, through offices or commercial representatives.
From the company they assure that the distinguishing factor is the development of own formulations of plant protection products derived from nanotechnologies, which allows to obtain commercial products with a lower concentration of active ingredients to obtain the same results as traditional phytosanitary products and therefore a substantial reduction of the environmental impact during its application. In addition, the use of petroleum-derived solvents has also been minimized, as well as achieving better compatibility in tank mixes.
Source: Clarin
