ICBC contributes $37.5 million to $75 million syndicated loan with YPF Energia Eléctrica S.A. for capital expenditures and general corporate purposes

On December 26, 2018, YPF Energía Eléctrica S.A. signed a $75 million syndicated loan agreement Banco Latinoamericano de Comercio Exterior S.A. (Bladex) New York Agency and Industrial Commercial Bank of China (Argentina). Both lenders reportedly contributed the same amount ($37.5 million). The loan had a three-year maturity (final maturity date: November 23, 2021) and an interest rate of 3-month LIBOR plus a 5.375% margin. The principal amount of the loan is repayable in four equal monthly installments on dates that are 24, 29, 30 and 36 months after disbursement. The loan was structured as a club deal between Bladex and Industrial and Commercial Bank of China, which together acted as joint lead arrangers. Bladex was the administrative agent under the facility. The proceeds of the facility will be used to finance YPF Energia Eléctrica's capital expenditures for energy generation projects and other general corporate purposes. One project was the Los Teros Wind Farm Project.

Additional details

1. YPF Energia Eléctrica S.A. is now known as YPF Luz. YPF Luz is an energy generation company with an important position in the Argentine electricity market which, among others, develops projects in the thermoelectric and wind energy field in Argentina. 2. AidData has estimated the all-in interest rate by adding 5.375% to average 3-month LIBOR in December 2018 (2.788%). 3. One source suggests that the loan agreement may have been signed on November 29, 2018. This issue warrants further investigation.

Number of official sources

5

Number of total sources

12