Narrative
Full Description
Project narrative
On June 29, 2020, the Shenzhen Branch of China Eximbank signed an RMB 1,050,000,000 secured loan agreement with Total Play Telecomunicaciones, S.A. de C.V. for the +2 M HP Telecommunications Network Expansion Project. The loan carries the following borrowing terms: a 7-year maturity, a 2-year grace period, and a 5.5% interest rate. The loan is backed by a guarantee agreement with Corporación RBS, S.A. de C.V. and a securities pledge agreement (contrato de prenda bursátil) with Corporación RBS, S.A. de C.V. over Grupo Elektra shares. The purpose of the project was to fund the purchase of goods and services for the expansion of the +2 M HP telecommunications network. As of June 30, 2020, the loan had not yet disbursed.
Staff comments
1. Total Play Telecomunicaciones, S.A. de C.V. is a Mexican telecommunications provider that offers Internet, telephony, on-demand movies, and television services over direct-to-home fiber optics network. It serves residential and business customers in Mexico. It is owned by Grupo Salinas -- a conglomerate involved in retail, banking and TV broadcasting, among other sectors, throughout Mexico -- and operated by Grupo Totalplay.