Narrative
Full Description
Project narrative
In November 2020, Loma Negra refinanced USD 7.8 million -- 60% of the last installment of the amount outstanding -- with Industrial and Commercial Bank of China (Dubai). The amended loan accrues interest at a 3-month LIBOR plus a 7.5% margin, payable quarterly. The final maturity is on November 2023.
Staff comments
1. The exact loan being refinanced is unclear. More than likely, Loma Negra refinanced the final installment of the $50 million loan contracted in 2016 (captured via Record ID#98580), insofar as this was the only loan where ICBC's Dubai Brach was explicitly identified as the financier with a balance outstanding past the end of 2020. However, this issue warrants further investigation. 2. AidData has calculated the all-in interest rate by adding the average 3-month LIBOR in November 2020 (0.22%) to the 7.5% margin.