ICBC contributes to $60 million syndicated loan to Petroquímica Comodoro Rivadavia S.A.

On January 21, 2021, Petroquímica Comodoro Rivadavia S.A. signed a $60,000,000 (AR$6,757,530,000) syndicated loan agreement with Banco de Galicia and Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. and Banco Santander Rio S.A. The loan carries a 3-year maturity, a 1.25-year grace period, and an interest rate of Badlar (0.61% in January 2021) plus an 8% margin. The borrower was expected to use the loan proceeds for working capital purposes, for investments in fixed assets, and to refinance its liabilities. The borrower is responsible for repaying the loan in quarterly and consecutive installments between April 2022 and January 2024. The loan contract contains conditions precedent, payment of commissions, representations and warranties of the borrower, commitments assumed by it, and usual and standard events of non-compliance for this type of operation.

Additional details

1. The size of ICBC’s contribution to the $60 million syndicated loan is unknown. For the time being, AidData assumes equal contributions ($20 million) across the 3 members of the loan syndicate

Number of official sources

3

Number of total sources

3