Genneia announced a $51.5 million debt swap plan

Genneia, a leading renewable energy generation company in Argentina, launched a refinancing plan for its Class XXI Negotiable Obligations ("ON") of $51.5 million maturing on November 23, 2020. The new Class XXX Notes are a dollar instrument, with a 12% coupon and a two-year bullet repayment term. The payment address will be in New York, and the Notes XXX may be integrated in kind, delivering the Notes XXI in exchange, or cash in dollars.

IRSA and Cresud launch proposals to exchange bonds (negotiable debt securities) for $255 million

The agricultural company Cresud and its subsidiary IRSA announced the beginning of the exchange process of their Negotiable Debt Securities for $255 million, within the framework of the new Central Bank rules that restrict access to the exchange market for the purchase of dollars destined to the payment of debt securities in foreign currency with maturity between October 15, 2020, and March 31, 2021.

Bio4 stops bioethanol production and suspends 127 people

Bio4, the first Argentine company to produce fuel ethanol from corn, announced today that it stopped the production of bioethanol due to the increase in production costs and the freezing of the price of bioethanol. The company, located in Cordoba, highlighted that they suspended the 127 people working in the plant. The price of the product has only had a 10% increase and the costs led by corn, exchange rate and inflation have increased more than 50%, generating losses that are already unsustainable.

Córdoba will change terms on $150 mn notes with Moneda Asset Management

The municipality of Córdoba, the second most populated city in Argentina, has reached an agreement with Chile's Moneda Asset Management to alter the terms on $150 million in 7.875% 2024 notes and asked other bondholders to adhere to the plan. The city government wants to extend the maturity by three and a half years and change the coupon from a fixed rate to a step-up rate that starts at 2.125% in September next year and rises to 7% by September 2027.

CCU Brewery will invest $57.48 mn

Compañía de Cervecerías Unidas (CCU) announced yesterday a three-year investment plan for a total of 4,500 million pesos ($57.48 mn). It will allow the company to double its beer production capacity at its plant in Luján, Buenos Aires. It will also imply the creation of 550 additional jobs, both direct and indirect.

Radicle Growth and Syngenta Group to reward global innovators with $1 mn

The Radicle Growth, a start-up platform for agricultural and food technology, and Syngenta Group announced four entrepreneurs invited to compete in the virtual competition The Radicle Protein Challenge by Syngenta, on November 2 and 3. The winners will not only receive significant investment but will also have access to the extensive agricultural expertise of Radicle and Syngenta and global agricultural technology networks to advance and promote their technology. The winners will receive $1 million for the first and $250,000 for the second.

The government expects the agricultural sector to contribute $11 bn to the economy

The agricultural sector is Argentina's leading exporter up to September with 21 billion dollars, representing 51% of the foreign exchange that entered the country so far in 2020. It expects that for the rest of the year and the first two months of 2021, it will generate 11 billion dollars more (an average of 2.2 billion dollars per month).