Active Commercial AidData Chinese Aid

ICBC (Argentina) contributes to ARS 2.2 billion syndicated refinancing agreement with San Antonio International

$1.22M USD

Funder	Industrial and Commercial Bank of China (Argentina) Limited (ICBC (Argentina))
Recipient Organization	San Antonio Internacional SA
Country	Argentina
Start Date	Dec 30, 2022
End Date	Nov 16, 2030
Duration	2,878 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`109026`

Grant Description

ICBC (Argentina) contributes to ARS 2.2 billion syndicated refinancing agreement with San Antonio International in 2022 On December 30, 2022, Industrial and Commercial Bank of China (Argentina) and Banco de Galicia y Buenos Aires S.A.U. entered into a syndicated refinancing agreement with San Antonio Internacional S.A., wherein ARS 2.2 billion in obligations were refinanced.

Through the agreement, these obligations were converted into US dollars, and both principal and interest maturities were rescheduled. Borrowing terms are unknown.

However, it is known that the financing was secured by (i.e. collateralized against) an equipment security trust established in favor of TMF Trust Company for the benefit of the lenders, wherein San Antonio Internacional's oil service equipment was secured in trust to TMF Trust Company and loaned back to San Antonio Internacional.

This transaction was one of three that formed an ARS 6.7 billion debt restructuring undertaken by San Antonio International.

Banco Santander Argentina and BBVA Argentina cleared ARS 4.5 billion in debt owed by San Antonio Internacional in exchange for an in-kind payment of real estate and payment of the remaining balance following this transfer.

Servicios Especiales San Antonio SA, a related entity to San Antonio Internacional S.A., also offered a down payment on and rescheduled ARS 215,000,000 with BBVA Argentina.

📋 Staff Comments

While sources related to the refinancing transactions do not explicitly list the currency as ARS, San Antonio Internacional SA was acquired in 2018 by United States-based private equity firm Lone Star Fund for approximately USD $150 million. Similarly, in 2020, San Antonio Internacional SA was unable to pay and restructured USD $105 million in debts. As such, AidData has assumed that 6.7 billion ARS, not 6.7 billion USD, in debt obligations were refinanced.
Bruchou & Funes de Rioja served as legal advisor to ICBC Argentina and other lenders.
This transaction is likely refinancing previous debt contracted by San Antonio Internacional with ICBC Argentina. However, the timing and value of any previous transaction(s) is unknown. This issue warrants further investigation.

📚 Sources & References

San Antonio Internacional y filial reestructuran pasivos por aproximadamente 6.700 millones de dólares
Asesoramos en la reestructuración de pasivos financieros de San Antonio Internacional S.A. y Servicios Especiales San Antonio S.A.
Bruchou & Funes de Rioja advised on the restructuring of financial debt of San Antonio
Exclusivo: San Antonio reestructura una deuda de US$ 105 millones
Fondo Lone Star adquiere petrolera argentina San Antonio Internacional
Lone Star completó la compra de la mayor empresa de equipos torre del país Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

San Antonio Internacional SA

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