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Overview

ICBC’s Argentina branch provides $11.25 million USD towards $45 million USD syndicated loan for Compañía General de Combustibles in October 2020

Commitments (Constant USD, 2023)$11,607,005
Commitment Year•2020Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaOverseas Jurisdiction•ArgentinaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 7, 2020
Start (planned)
Aug 24, 2021
Start (actual)
Feb 1, 2021
End (actual)
May 1, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Argentina) Limited (ICBC (Argentina))

Cofinancing agencies

Private Sector

  • Banco de Galicia and Buenos Aires S.A.U.
  • Banco Santander Río
  • Citibank, N.A.

Receiving agencies

Private Sector

  • Compañía General de Combustibles S.A. (CGC)

Loan desecription

ICBC’s Argentina branch contribution of USD $11.25 million towards USD $45 million syndicated loan for Compañía General de Combustibles in October 2020

Interest type•Unknown

Narrative

Full Description

Project narrative

On October 7, 2020, Compañía General de Combustibles S.A. entered into a $45 million USD syndicated loan agreement with four banks. ICBC (Argentina) contributed $11,250,000 USD to the loan and also served as an administrative agent. Other lenders in the syndicated loan included Bank of Galicia and Buenos Aires S.A.U., Banco Santander Río S.A., and Citibank. The proceeds of the loan were to be used for refinancing purposes. The loan was repayable in five equal, quarterly and consecutive installments, payable as of August 24, 2021. Other borrowing terms of the loan are unknown. In February and May 2021, Compañía General de Combustibles S.A. received two installments of the syndicated loan for an equivalent amount in pesos of $2,751,025. With the funds received from the loan syndicated in dollars, the syndicated loan in pesos has been pre-paid in its entirety.

Staff comments

1. Specific contributions of each financier are unknown. To calculate ICBC’s contribution to this loan facility, AidData a) assumes that each official sector financing institution from China contributed an equal amount to the syndicated loan and (b) estimates the contributions of each financier by dividing the total face value of the loan ($45million USD) by the total number of financiers in the syndicate (4 financiers). This brings the contribution of each individual financier to $11,250,000 USD.