ICBC provides $300 million loan to Argentine company Petrolera Pampa S.A.

Project narrative

On July 27, 2015, Petrolera Pampa S.A. as a borrower and the recipient, signed a syndicated loan agreement with Banco Hipotecario SA, BACS Banco de Crédito y Securitización SA, Industrial and Commercial Bank of China (Argentina) SA and the Citibank NA for a sum of USD $765,000,000. On March 28, 2016, Petrolera Pampa and the syndicated loan banks signed an amendment by which the company prepaid the entire financing from ICBC in the syndicated loan, as well as partial financing from Banco Hipotecario S.A.. After which, the syndicated loan value was reduced to $300,000,000. On March 30, 2016, the Company signed a separate loan agreement with the Industrial and Commercial Bank of China (Argentina) for an amount of USD$300,000,000. The loan accrues interest at a fixed rate equivalent to 33% annual nominal for a period of 12 months from the date of disbursement, and at a variable rate equivalent to the Badlar rate of Private Banks plus a margin of 5.75% from the date on which 12 months from the disbursement date are met until the expiration date of the last installment, for an amount of $300,000,000 due on March 30, 2019.