Telecom Argentina pays off part of loan

Telecom Argentina pays off part of loan

Loans Telecoms Argentina

Telecom Argentina said it has paid off $100m of a $500m loan it got from five lenders in October last year. The Buenos Aires-based telecommunications company got the two-year loan to pay off half of a $1bn bridge loan. The lenders — Citi, HSBC, ICBC, JPMorgan and Santander — charged 450bp over Libor the first year, before stepping up the margins to 500bp and 525bp. Telecom was not allowed to draw from the loan until it paid off at least $100m of the bridge loan. The same five banks provided the

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