Angamos Lenders Invoke Market Disruption

Angamos Lenders Invoke Market Disruption

Chile

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

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