ICBC contributes to $500 million syndicated loan to Telecom Argentina S.A. in October 2018

On October 8, 2018, Telecom Argentina S.A. signed a $500 million syndicated loan agreement with 7 banks. The proceeds of the loan were to be used by the borrower to repay existing debts and other general corporate purposes. The loan carried a 4-year maturity. It bore interest at annual rate equivalent to LIBOR plus the following margin: 4.50 percentage points during the first year after the disbursement, 5.00 percentage points, during the second year and 5.25 percentage points from two years after the disbursement and until the expiration date. Participants in the lending syndicate included Citibank, N.A., HSBC Mexico, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. A $500 disbursement under the loan agreement took place on or around October 17, 2018.

Additional details

1. Telecom Argentina SA is a private company that provides telecommunications services, including local, long-distance and international service in Argentina. The company is led by Carlos Alberto Moltini, Gabriel Pablo Blasi and Gonzalo Hita. 2. The monetary value of ICBC’s contribution to the lending syndicate is unknown. For the time being, AidData assumes equal contributions ($71,428,571) across the 7 members of the lending syndicate. 3. The all-in interest rate is estimated by adding 5% to the average 6-month LIBOR rate in October 2018 (2.687%).

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