BRAGARD advised on issuance of public offering securities for up to USD 150 million for agribusiness with irrigation

The financial trust named “Fideicomiso Financiero Tierras Irrigadas II”, launched the public offering of equity certificates worth up to USD 150 million.

The public offering took place on BEVSA (Uruguayan Electronic Stock Exchange), and the demand reached the total amount of the issuance. Investors in the public offering subscribed certificates for an amount of USD 138.750.000 million and the remaining certificates were subscribed by Bearing Agro S.A., honoring its commitment as sponsor of the project.

The parties are as follows: the trustor and at the same time the operator of the land and consultant for the business project is Bearing Agro S.A. and the trustee is TMF Uruguay Administradora de Fondos de Inversión y Fideicomisos S.A.. Briefly, Bearing Agro is a leading agribusiness and irrigation company situated in Uruguay, which exploits high quality agricultural properties in key productive areas of the country, implementing irrigation technology in order to optimize the distribution of water to the crops.

The proceeds of the financial trust issuance will allow the trust to purchase several agriculture farmlands with the purpose of installing watering systems that shall be extremely beneficial for the business purposes.

Bragard acted as counsel for the issuance (assisting both Bearing Agro and TMF Uruguay) in structuring the project, settling the financial trust, filing with BCU for approval and registration of securities.