YPF and Corporación Andina de Fomento (Andean Development Corporation, CAF) have signed a three-year US$300-million multilateral loan, according to a statement from Argentina's state energy firm.
The AB loan will be granted by CAF and will be used to finance investments in Argentina related to sustainable projects.
The loan consists of an A tranche of US$37.5 million (CAF's contribution) and a B tranche of US$262.5 million financed by Santander; the Industrial & Commercial Bank of China, Dubai (DIFC); Itaú Unibanco; and Cargill Financial Services International.
The loan has a floating interest rate equivalent to six-month Libor plus a margin of 6.75 percent.
YPF has had a relationship with CAF for more than a decade, and this is the first sustainable financing for Argentina's YPF.
by Dale Quinn, Bloomberg