San Miguel raises $81M in post-IPO debt, pushing maturities to 2034
What's the deal? San MiguelDealroom has a profile for this one. Try Dealroom →, Argentina's largest industrial lemon processor, closed $81 million in new international financing led by the International Finance Corporation (IFC) and BID InvestDealroom has a profile for this one. Try Dealroom →, with RabobankDealroom has a profile for this one. Try Dealroom → participating. The deal refinances short-term debt, extends the company's maturity profile, and funds the final stage of its investment plan.
How it's structured: The operation uses an A/B loan scheme, which multilateral bodies use to channel financing alongside private banks. It reprograms loans IFC granted in 2018, fully repays 2018 loans from BID Invest and the Inter-American Development Bank, and adds new credit from IFC, BID Invest as A lender, and Rabobank as B lender.
The new credit runs eight years, with two years of grace and a final maturity in June 2034.
Why now? The company wants to align debt maturities with operating results and contain financing costs. It took a step in that direction in January 2026, when it completed a $110 million exchange of negotiable obligations with 90% holder participation.
What's the endgame? Proceeds will refinance short-term liabilities and complete the capital expenditure plan tied to a business overhaul. San Miguel began that reconversion in 2022, shifting from fresh fruit toward higher value-added industrial lemon processing.
The company now exports to more than 100 clients across 32 countries, supplying food, beverage, fragrance, flavour, and natural ingredient industries. It runs industrial operations in Uruguay and South Africa alongside its base in Tucumán, Argentina.
What they said: "The operation lets us order San Miguel's financial profile with a long-term view, reduce short-term refinancing pressures, and complete an important stage of the investment plan," said chief executive officer Manuel Suárez Altuna.
The signal: Multilateral-backed A/B loans are becoming a route for Argentine companies with global ambitions to lengthen debt and gain predictability. For San Miguel, it marks a clear step up from January's exchange as it tries to fund expansion while competing in demanding international markets.
Read more: La Nación
Image credit: Generated with Gemini
