ICBC provides $13.1 million loan to Loma Negra Companía Industrial Argentina S.A. for L’Amalí Cement Plant Expansion Project in January 2020

Project narrative

In January 2020, Loma Negra Companía Industrial Argentina S.A. (Loma Negra C.I.A.S.A.) signed a $13,127,766, loan agreement with the the Industrial and Commercial Bank of China (ICBC) for the L’Amalí Cement Plant Expansion Project. The loan carried an interest rate of 6-month LIBOR plus a 7.375% margin and a 2-year maturity (final maturity date: January 2022). The borrower was expected to use the proceeds of the loan to cover the expiration of letters of credits associated with the imports of goods and equipment related to the L’Amalí cement plant expansion project. The L’Amalí cement plant, which is located in the center of Buenos Aires province, started up the kiln of its second production line in June 2021 but was later forced to suspend all clinker production at the plant due to a union dispute. It was ultimately commissioned in December 2021.