As specified, the fund will be used to pay off short-term financial obligations in pesos.
The Albanesi Group announced that it took a local syndicated loans for US$59,000,000 which could reach up to $80,000,000 from the incorporation of new banks. The term is two years with a rate of 8.75% annually.
The financial entities that participated in the operation are: Banco Hipotecario, Banco de Galicia, Banco Supervielle, Banco Santander Argentina, Banco de la Provincia de Córdoba, Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones, Banco de la Provincia de Buenos Aires.
As specified by the group, the loans will be intended for the cancellation of financial obligations in short-term pesos. In this way, they will be able to extend terms and improve the financial cost when migrating debt in pesos to dollars.
About the Albanesi Group
Albanesi is an Argentine business group with private capital that has been operating in the local market for 112 years. Its main activities are electric power generation and the provision of natural gas.
It is the main marketer of natural gas in Argentina. It approaches 2,000 MW of installed capacity through its 10 plants equipped with the latest generation technology: thermal power plants Ezeiza in Carlos Spegazzini and Solalban in Bahía Blanca, located in the province of Buenos Aires; the thermal power plant Modesto Maranzana in Río Cuarto, Córdoba; the Riojana Thermal Power Plant in La Rioja; the General Roca Thermal Power Plant in Río Negro; thermal power plants Arroyo Seco and Timbúeslocated in Santa Fe; the Frías Thermal Power Plant in Santiago del Estero; the Independencia Thermal Power Plant in Tucumán; and outside the country, the Cogeneration Plant in Talara, north of Peru.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
