Angamos Lenders Invoke Market Disruption

Angamos Lenders Invoke Market Disruption


A $989m 17.5-year project loan for AES Gener’s Angamos mining project in northern Chile will see its first disbursement this Friday, say people close to the process. Lenders are understood to be invoking a market disruption clause that will shift the reference rate up from Libor to a yet undetermined and undisclosed level to reflect the cost of lending. Stringent liquidity conditions have raised banks’ costs of obtaining funding to something well over Libor, leading them to demand that borrowers

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial