Canelones I Lighting Trust

República AFISA issued debt securities of the Financial Trust Funding for the Replacement of Luminaires of Canelones I, with strong demand.

On December 1, BEVSA awarded the Debt Securities of the Financial Trust Financing Replacement of Luminaires of Canelones I, for a total of UI 322.7 million.

The weighted average price of the subscriptions was 124.44 and the total demand reached UI 616 million, which represents 1.90 times the maximum amount to be issued.

The term of the Debt Securities will be until May 5, 2039. There is a grace period during which the interests will be capitalized and incorporated into the capital owed at the time each new integration is verified. The repayment of principal and interest will be made in 18 annual, equal and consecutive installments in UI as of May 5, 2022.

The support for the repayment of the securities is the assignment of credit rights that EBITAL has against the Canelones Administration. Said credit rights arise from the amounts from the collection of the Public Lighting Fee, and from the amounts from the subsidies for the extension and promotion of energy efficiency of the departmental public lighting systems (Law 18.597 and article 679 of Law 19,355).

The Debt Securities have a rating of BBB.uy issued by CARE Calificadora de Riesgo S.R.L. The funds obtained, within the framework of the general objectives of the Trust, will be applied to the termination of the Renmax Financing and GLT Financing and other costs incurred by EBITAL for the work, and additionally to continue with the development of the replacement work ofluminaires made by EBITAL to the IC within the framework of the Tender.Republica AFISA acts as Trustee and Paying Agent of the Trust.