Telecom Personal

repaid

This is a corporate loan consisting of an IIC A Loan up to US$16 million and an IDB A loan up to US$84 million (total IDB Group financing up to US$100 million). The IDB Group loan will provide parallel co-financing within an International Finance Corporation (IFC) A/B loan of up to US$500 million for the same transaction. The loan tenor is for 6 years, including 2.5 years grace period (only for repayments of principal). The IFC package (including the IDB Group Loan) will comprise of a mobilization up to the amount of US$400 million.Incorporated in 1994, Telecom Personal S.A. (“the Company” or “Personal”) is a leading mobile network operator in Argentina with presence in Paraguay through its subsidiary Nucleo. The project aims to support the company’s capex plan for Argentina including the deployment of a nationwide 4G LTE network and for refinancing of short term debt.The Company is 99.99% owned by Telecom Argentina S.A (“Telecom Argentina”), an operator of fixed (local and long distance), data and mobile voice and internet services. Telecom Argentina is one of the largest private sector companies in Argentina in terms of revenues and number of employees and enjoys a strong reputation in terms of integrity, governance and general operations.Telecom Argentina is majority owned by Nortel Inversora S.A. (54.7%), with most of the rest of the shares are listed in the Buenos Aires and the New York Stock Exchange. Nortel Inversora S.A. in turn is controlled by Sofora Telecomunicaciones S.A. (78.4%), which is owned by the W de Argentina – Inversiones S.A. (32%) and Fintech Telecom LLC (68%). This transaction has benefited from close coordinating and information exchange between the IIC and the IFC, involving the respective institutions’ origination and environmental and social (E&S) teams, with resulting process efficiencies and value added for the client.