The Superintendence of Financial Services of the Central Bank of Uruguay (BCU) authorized this Thursday 12 the company Sulfur Industry SA (Isusa) to issue Negotiable Obligations (ON) for a nominal value of up to US$ 8 million.
This is Series II.3, for one value, to be issued under the Negotiable Obligations Issuance Program I. To carry out this operation, the Bragard Abogados firm, specialists in various capital market instruments, was chosen.
The authorization was made known through a statement from the regulator signed by the Financial Regulation Intendant, Patricia Tudisco.
Isusa is a chemical industry founded in 1947, with formal activities since 1951 in San José. It is dedicated to the elaboration of different formulas of fertilizers, solid and liquid compounds and chemical products such as alumina sulfate and sulfuric acid.
In addition, the company provides complete agronomic advice to determine the right product for the needs of each crop and the characteristics of each soil, offering a wide range of formulas. Isusa has a unique production structure in the country, faithfully following a policy of permanent reinvestment and adapting its technology in a dynamic and sustained manner.
It has plants in Uruguay in Nueva Palmira (Colonia), Agraciada (Soriano), Melo (Cerro Largo) and Ciudad del Plata (San José). Through Fanaproqui SA., a company founded in 1951 and acquired in 1997, it manufactures and markets fungicides and foliar fertilizers for agriculture, in Colón (Montevideo). o’sAdministration and sales offices are located in San José, together with one of the industrial plants, employing more than 300 people in all its plants.
Asked about the characteristics of this type of financial instrument, Jean-Jacques Bragardpartner of the Bragard Abogados study, pointed out that “it allows companies to obtain long-term financing. There is no debt limit as required by the banking system. In tax matters, it offers a good regime for both the issuer and the investor.” highlighted.
On the other hand, he highlighted that currently there has been a “significant shortening of the approval times of the regulator, an extreme that encourages going through this option” to obtain capital.
