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Leads round up GE, YPF syndication

Jul 11, 2017

Citi, Credit Suisse and EDC negotiate a juicy spread on the roughly $220m five-year loan, sources have saiud

Aaron Weinman

Keywords: Syndicated loans GE YPF power plant project finance Argentina

Citi, Credit Suisse and Export Development Canada expect to wrap up the syndication process for a roughly $220m loan to GE and YPF before the end of the month.

GE, through its energy investing unit GE Energy Financial Services, and YPF Energia Electrica, a wholly owned subsidiary of the Argentine energy company will use proceeds for two jointly-owned thermal power facilities in Argentina – the 267 MW Tucuman and 107 MW Loma Campana II projects.

GE is the EPC contractor on both facilities. Both are more than halfway through construction, according to a joint statement from YPF and GE.

The companies said in June last year that they will invest $170m to build the plant in Tucuman and in September they said they would spend $100m to build the Loma Campana II plant in Neuquen. The Tucuman plant is scheduled to start production in Q1 next year, while Loma Campana II is slated to begin operations in Q4 this year.

LatinFinance  reported in March that the trio of lenders had  started the syndication process for the five-year transaction.

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