Becker, Glynn, Muffly, Chassin & Hosinski, Marval, O’Farrell & Mairal and Errecondo, Gonzalez, Funes advised on the transaction
IFC, a member of the World Bank Group, agreed to provide a loan for up to US$450 million to Telecom Argentina, one of the leading telecommunications companies in the country that offers fixed and mobile high-speed connections and pay tv, through an integrated content platform, to boost the expansion of broadband coverage with a focus on underserved regions in Argentina. The financing package includes US$110 million from IFC, with the additional funding to be mobilized by IFC from international banks.
IFC’s financing will help improve Argentina’s mobile and fixed broadband infrastructure through the installation of high-speed fiber optic and the upgrade of wireless transmission equipment by Telecom Argentina. This second financing follows an earlier one in 2016 and will help revert a decade-long trend of underfunding in Argentina’s telecommunications sector which has hampered coverage, quality of services and data transmission speeds, particularly outside the city of Buenos Aires.
IFC’s strategy in Argentina is focused on financing projects with significant development impact for spurring economic growth, innovation and job creation. Priority sectors include agribusiness, infrastructure, telecommunications, renewable energy and competitive manufacturing. IFC initiatives are geared at strengthening long-term financing for companies, including small and medium enterprises (SMEs), and helping to improve investment climate for business start-ups and SME growth.
In US, Becker, Glynn, Muffly, Chassin & Hosinski advised IFC with Peter Hosinski, Rachel Wasserman, Kenneth Stuart, Andrés Sardi and Helena Romero.
In Argentina, Marval, O’Farrell & Mairal advised IFC with Pablo Viñals Blake (Picture), Juan M. Diehl Moreno and María Manuela Lava.
Errecondo, Gonzalez, Funes advised Telecom Argentina with Baruki González (Picture), Delfina Lynch, Juan Pedro Torassa and Clara Caneiro Valcárcel.
Involved fees earner: Peter Hosinski – Becker, Glynn, Muffly, Chassin & Hosinski LLP; Andres Sardi Garcia – Becker, Glynn, Muffly, Chassin & Hosinski LLP; Kenneth Stuart – Becker, Glynn, Muffly, Chassin & Hosinski LLP; Rachel Wasserman – Becker, Glynn, Muffly, Chassin & Hosinski LLP; Baruki González – Errecondo, Gonzalez & Funes ; Delfina Lynch – Errecondo, Gonzalez & Funes ; Juan Diehl Moreno – Marval, O’Farrell & Mairal; Maria Manuela Lava – Marval, O’Farrell & Mairal; Pablo Viñals Blake – Marval, O’Farrell & Mairal;