Telecom in $50 Million Export Credit Facility With Export Development Canada

Cleary Gottlieb represented Telecom Argentina S.A. (Telecom) in a $50 million export credit facility with Export Development Canada acting as lender and Citibank N.A., Sucursal Argentina acting as onshore custody agent.

The transaction closed on May 8, 2023. The proceeds of the loan will be applied to finance payments owed by Telecom for goods 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.