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

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.

Additional details

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.

Number of official sources

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Number of total sources

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