Overview

ICBC (Dubai Branch) provides maturity extension for $65 million loan to Loma Negra Companía Industrial Argentina S.A.

Commitment Year•2019Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaOverseas Jurisdiction•United Arab EmiratesSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 1, 2019

Start (actual): May 1, 2019

End (actual): May 1, 2019

First repayment (originally scheduled): May 1, 2018

Last repayment (originally scheduled): Dec 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Loma Negra Compañía Industrial Argentina S.A.

Loan description

ICBC (Dubai Branch) provides maturity extension for $65 million loan to Loma Negra Companía Industrial Argentina S.A.

Grace period•1 yearsGrant element•3.2177%Interest rate (t₀)•8.1115%Interest type•Variable Interest RateMaturity•3.5 years

Narrative

Full Description

Project narrative

In May 2017, Loma Negra Companía Industrial Argentina S.A. (Loma Negra C.I.A.S.A.) signed a $65 million loan agreement with the Dubai Branch of the Industrial and Commercial Bank of China (ICBC) for unspecified purposes (captured via Record ID#105807). The loan carried an interest rate of 3-month LIBOR plus a 5.5% margin, a 3-year maturity, and a 1-year grace period (final maturity: June 2020). Then, in May 2019, the maturity of the loan was extended for an unspecified period of time (captured via Record ID#105816). However, as of December 31, 2020, the loan had been repaid in full.

Staff comments

1. Loma Negra Companía Industrial Argentina S.A. is an Argentine manufacturer and the country's leading maker of cement, concrete, and lime. It is currently a subsidiary of InterCement Participações, a company of the Brazilian conglomerate Mover Participações. 2. Given the full repayment of the loan as of December 31, 2020, AidData has assumed for the time being a 6-month maturity extension. This issue warrants further investigation.