PCR Makes Global Market Debut, Raises US$400 Million

Petroquímica Comodoro Rivadavia (PCR), along with its subsidiary Luz de Tres Picos, has made its debut in international capital markets, successfully placing its first bond for US$400 million. The eight-year note, denominated in U.S. dollars under New York law, was issued at an annual interest rate of 8.5%. The offering garnered significant demand, nearly reaching US$1 billion, which is approximately 2.5 times the initially estimated amount.

The operation, coordinated by Itaú BBA, BBVA, and Santander, saw broad participation from international investors, primarily from the United States and Europe, with solid support from local investors as well. PCR's Finance Director, Juan Giglio, highlighted the success as a recognition of the company's business strength, financial discipline, and trust built with banks and investors. He emphasized that accessing the international market is a major milestone, enhancing PCR's global visibility and providing flexibility for strategic investments in Argentina's energy and industrial development.

The funds raised will be allocated to a financial overhaul, primarily for the cancellation and early repayment of debt for both PCR and Luz de Tres Picos, thereby strengthening their financial structures. A portion of the funds will also support investment projects in the energy sector. PCR leads a holding company with operations in oil and gas in Ecuador and the United States, as well as cement and construction materials production in Argentina. The company proudly notes its status as the oldest private entity in Argentina's oil industry and its significant portfolio in renewable energy and a strong position in the cement industry in Patagonia.