ICBC contributes to $75 million syndicated loan to Compañía General de Combustibles for working capital and export financing purposes

On May 21, 2019, Citibank N.A., Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. and Banco Santander Río S.A. issued a $75 million loan to Compañía General de Combustibles S.A. for working capital and export financing purposes. The loan carried a 9.5% interest rate. The loan was to be repaid in five quarterly, equal and consecutive installments, payable from May 21, 2020 to May 21, 2021.

Additional details

1. The precise monetary value of ICBC’s contribution to the loan syndicate is unknown. For the time being, AidData assumes equal contributions ($18.75 million) across the four members of the syndicate. 2. Compañía General de Combustibles (CGC) is an Argentine company founded in 1920 dedicated to the exploration, development and exploitation of natural gas, oil, and LPG (upstream) and gas transportation (midstream). Upstream activities are carried out mainly by the company, while gas transportation is carried out through associated companies. CGC is present in the Austral, Northwestern, Golfo San Jorge, Cuyana, and Neuquina oil & gas basins in Argentina. Moreover, CGC has a stake in Termap, a port terminal operator in Patagonia. With respect to gas transportation, CGC indirectly owns 28.23% of Transportadora de Gas del Norte (TGN) through their investment in Gasinvest, which is co-owned with Tecpetrol. Likewise, the group has a 40% stake in Gasandes Argentina, a 40% stake in Gasandes Chile, and a 15.8% stake in Transportadora de Gas del Mercosur (TGM). 70% of CGC’s equity is owned by Corporación América through Latin Exploration SLU, while the remaining 30% is owned by another Argentine conglomerate, Comercial del Plata

Number of official sources

4

Number of total sources

4