Argentina's MetroGas secures US$250mn loan

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Tuesday, February 13, 2018

Argentina's MetroGas received an unsecured US$250mn loan from the Industrial and Commercial Bank of China and Brazilian lender Itaú Unibanco.

The financing comes from the Dubai and New York branches of the respective banks, Metrogas said in a market statement.

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The loan has a term of 36 months payable in nine quarterly installments starting 12 months from the disbursement date.

Interest will be determined by the LIBOR rate plus a nominal annual margin of 3% for the first 12 months, rising incrementally to 4% from month 24 until the loan's expiration.

Metrogas will put the funds towards buying back bonds, refinancing current liabilities and working capital.