Telecom Argentina in $96 Million Export Credit Facility With Finnish Export Credit

Cleary Gottlieb represented Telecom Argentina S.A. (Telecom) in connection with a $96 million export credit facility with Finnish Export Credit Ltd., which is guaranteed by Finnvera plc (the Export Credit Agency of Finland).

JPMorgan Chase Bank N.A., London Branch and Banco Santander S.A. arranged and structured the loan.

The transaction closed on May 9, 2019. The proceeds of the loan will be applied to finance payments owed by Telecom for good and services delivered under a supply agreement entered into between Telecom and Nokia.

Telecom is one of Argentina’s largest private-sector companies in terms of revenues, net income, capital expenditures, and number of employees, and is engaged in the provision of fixed and mobile telecommunications services, cable television services, and broadband services.