ICBC (Dubai Branch) partially reschedules November 2017 debt to Genneia Desarrollos

Project narrative

On November 22, 2017, Genneia Desarrollos S.A. (GEDESA) -- subsidiary of Argentine energy producer Genneia S.A. -- entered a USD $45 million syndicated loan agreement with the Dubai Branch of the Industrial and Commercial Bank of China, the Nassau Branch of Banco Itaú Unibanco, Banco Hipotecario, and Banco de Crédito y Securitización (BACS). ICBC Dubai's contribution to this syndicated loan is captured via Record ID#105376). The loan was provided for general use, including but not limited to repaying debt. It carried a 3 year maturity period and an interest rate of LIBOR plus 5.5%, payable quarterly. The loan was not collateralized. The principal was to be repaid in 12 consecutive quarterly installments, with the first payment due February 22, 2018 and a final maturity date of November 22, 2020. However, Genneia's financial statements indicated that GEDESA had intended to refinance the loan's final installment at the time the loan was contracted. As such, on November 13, 2020, a new agreement was signed to partially reschedule and partially refinance the remaining debt. 60% of the debt with ICBC Dubai and Itau Nassau, for a total of US$ 8,634,600, was rescheduled (see Record ID#105377). The maturity was extended by three years, with the new final maturity date on November 16, 2023. Additionally, the interest rate was updated to the 3 month LIBOR rate, plus a 7.25% margin. The other 40% of ICBC Dubai and Itau Nassau's debt, as well as 40% of the debt owed to Banco Hipotecario and BACS, was refinanced with a new loan of ARS 719,352,541 (see Record ID#105378). The new loan carried a 3 year maturity, to be paid in 36 consecutive monthly installments starting on December 16, 2020 and ending on November 16, 2023. The loan carried an interest rate of the corrected BADLAR rate plus 8.5%, which will be paid monthly. This loan was fully pre-paid on January 17, 2022.