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FINANCIAL DEBT | 12 Months Ended
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Dec. 31, 2022
FINANCIAL DEBT |
FINANCIAL DEBT | NOTE 13 – FINANCIAL DEBT ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Current |  | 2022 |  | 2021
Bank overdrafts - principal | ​ | 7,610 | ​ | 23,734
Bank and other financial entities loans – principal |  | 40,072 |  | 63,457
Notes – principal | ​ | 47,404 | ​ | —
DFI (Note 22) | ​ | 19 | ​ | 360
Loans for purchase of equipment | ​ | 5,269 | ​ | 7,003
Accrued interest and related expenses | ​ | 33,987 | ​ | 31,806
​ |  | 134,361 |  | 126,360
Non-current |  |  |  |
Notes – principal |  | 181,071 |  | 216,929
Bank and other financial entities loans – principal | ​ | 102,588 | ​ | 112,483
Loans for purchase of equipment | ​ | 4,455 | ​ | 7,629
Accrued interest and related expenses | ​ | 46,714 | ​ | 56,542
​ |  | 334,828 |  | 393,583
Total financial debt |  | 469,189 |  | 519,943
​ Movements in Financial debt are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Exchange | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | differences, | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | currency | ​ | ​
​ | ​ | Balances at the | ​ | ​ | ​ | ​ | ​ | translation | ​ | Balances as of
​ | ​ | beginning of the | ​ | ​ | ​ | Accrued | ​ | adjustments and | ​ | December 31,
​ |  | period |  | Cash Flows |  | interest |  | others |  | 2022
Bank overdrafts |  | 23,734 |  | (1,171) |  | — |  | (14,953) |  | 7,610
Bank and other financial entities loans – principal |  | 175,940 |  | 324 |  | — |  | (33,604) |  | 142,660
Notes – principal |  | 216,929 |  | 22,414 |  | — |  | (10,868) |  | 228,475
DFI |  | 360 |  | (5,656) |  | — |  | 5,315 |  | 19
Loans for purchase of equipment |  | 14,632 |  | (4,665) |  | — |  | (243) |  | 9,724
Accrued interest and related expenses |  | 88,348 |  | (44,370) |  | 13,070 |  | 23,653 |  | 80,701
Total as of December 31, 2022 | ​ | 519,943 | ​ | (33,124) | ​ | 13,070 | ​ | (*) (30,700) | ​ | 469,189
Total as of December 31, 2021 |  | 588,636 |  | (26,321) |  | 30,316 | ​ | (**) (72,688) |  | 519,943
(*) | Includes $10,736 that do not represent cash movement.
(**) | Includes $15,852 that do not represent cash movement.
Most of the bank and other financing entities loans subscribed by the Company contain compliance ratios which are usual for this kind of agreements. As of December 31, 2022, Telecom has complied with them. The main bank and other financing entities loans agreements, which are effective as of December 31, 2022 and 2021, are detailed below:
| a) | Notes
Telecom Argentina Global Programs for the issuance of Notes In connection with the Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies, the Company issued several series of Notes, which amounts and main characteristics as of December 31, 2022 and 2021 are described below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Unpaid portion
Series | ​ | ​ | Currency | ​ | ​ | involved | ​ | ​ | Issuance | ​ | ​ | Maturity | ​ | ​ | Amortization | ​ | ​ | Interest rate | ​ | ​ | Interest payment | ​ | ​ | As of December
​ |  |  | ​ |  |  | (in millions) |  |  | date |  |  | date |  |  | ​ |  |  | ​ |  |  | date |  |  | 31,
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2022 |  |  | 2021
1 | ​ | ​ | US$ |  | ​ | 400 |  | ​ | 07/2019 |  | ​ | 07/2026 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 8.00% | ​ | ​ | Semiannually |  | ​ | 72,494 |  | ​ | 81,620
5 | ​ | ​ | US$ | ​ | ​ | 389 | ​ | ​ | 08/2020 | ​ | ​ | 08/2025 | ​ | ​ | In four installment of: 3% at 02/2023 30% at 08/2023 33% at 08/2024 34% at 08/2025 | ​ | ​ | Annual fixed rate of 8.50% | ​ | ​ | Semiannually | ​ | ​ | 72,144 | ​ | ​ | 82,142
7 | ​ | ​ | $ | ​ | ​ | 125 | ​ | ​ | 12/2020 | ​ | ​ | 12/2023 | ​ | ​ | In one installment at maturity date | ​ | ​ | UVA Annual fixed rate of 3.00% | ​ | ​ | Semiannually | ​ | ​ | 23,243 | ​ | ​ | 23,780
8 | ​ | ​ | $ |  | ​ | 134 |  | ​ | 01/2021 |  | ​ | 01/2025 |  | ​ | In one installment at maturity date |  | ​ | UVA Annual fixed rate of 4.00% | ​ | ​ | Semiannually |  | ​ | 24,933 |  | ​ | 25,506
9 |  | ​ | US$linked |  | ​ | 92 |  | ​ | 06/2021 |  | ​ | 06/2024 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 2.75% | ​ | ​ | Quarterly basis |  | ​ | 16,271 |  | ​ | 18,334
10 | ​ | ​ | $ |  | ​ | 127 |  | ​ | 12/2021 |  | ​ | 06/2025 |  | ​ | In one installment at maturity date |  | ​ | UVA |  | ​ | N/A |  | ​ | 23,407 |  | ​ | 23,907
11 | ​ | ​ | $ |  | ​ | 2,000 |  | ​ | 12/2021 |  | ​ | 06/2023 |  | ​ | In one installment at maturity date |  | ​ | Variable annual rate: Badlar plus spread of 3.25% | ​ | ​ | Quarterly basis |  | ​ | 2,075 |  | ​ | 3,955
12 (1) |  | ​ | US$linked |  | ​ | 23 |  | ​ | 03/2022 |  | ​ | 03/2027 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 1.00% | ​ | ​ | Quarterly basis |  | ​ | 19,077 |  | ​ | —
​ |  | ​ | US$linked |  | ​ | 75 |  | ​ | 08/2022 |  | ​ | 03/2027 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 1.00% | ​ | ​ | Quarterly basis | ​ | ​ | ​ | ​ | ​ | ​
13 | ​ | ​ | $ |  | ​ | 2,348 |  | ​ | 03/2022 |  | ​ | 09/2023 |  | ​ | In one installment at maturity date |  | ​ | Variable annual rate: Badlar plus spread of 1.50% | ​ | ​ | Quarterly basis |  | ​ | 2,435 |  | ​ | —
(1) | For the Additional Series 12 Notes issued on August 16, 2022, the subscription price was above par, so that on the date of issuance, the Company received funds for US$86.3 million (equivalent to $11,621) net of issuance expenses for $0.05.
Telecom Ordinary and Extraordinary Shareholders’ meeting The General Extraordinary Shareholders’ Meeting of Telecom Argentina held on April 27, 2022, resolved, among others: (i) to extend for five years the term of the Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies (the “Program”); and (ii) to extend from December 28, 2022 and for an additional five years the delegation to the Board of Directors of the powers to determine and modify the terms and conditions of the Program and of the Notes to be issued under it within the maximum amount in circulation authorized, with powers to sub-delegate powers to some of its members and/or officials of the first line of management. Núcleo Global Programs for the issuance of Notes In connection with the Notes Global Program for a maximum outstanding amount of up to 500,000,000,000 of Guaraníes (approximately $3,200 as of the date of issue), Núcleo issued several series of Notes, which amounts and main characteristics as of December 31, 2022 and 2021 are described below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest | ​ | ​ | Unpaid portion
​ | ​ | ​ | ​ | ​ | ​ | involved | ​ | ​ | Issuance | ​ | ​ | Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | payment | ​ | ​ | As of December 31,
Series | ​ | ​ | Currency | ​ | ​ | ​ | ​ | ​ | date | ​ | ​ | date | ​ | ​ | Amortization | ​ | ​ | Interest rate | ​ | ​ | date | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | (in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2022 | ​ | ​ | 2021
1 |  | ​ | Gs. |  | ​ | 120,000 |  | ​ | 03/2019 |  | ​ | 03/2024 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 9.00 | % | ​ | Quarterly basis |  | ​ | 2,875 | ​ |  | 3,488
2 |  | ​ | Gs. |  | ​ | 30,000 |  | ​ | 03/2019 |  | ​ | 03/2024 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 9.00 | % | ​ | Quarterly basis |  | ​ | 716 | ​ |  | 869
3 |  | ​ | Gs. |  | ​ | 100,000 |  | ​ | 03/2020 |  | ​ | 03/2025 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 8.75 | % | ​ | Quarterly basis |  | ​ | 2,399 | ​ |  | 2,912
4 |  | ​ | Gs. |  | ​ | 130,000 |  | ​ | 03/2021 |  | ​ | 01/2028 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 7.10 | % | ​ | Quarterly basis |  | ​ | 3,158 | ​ |  | 3,832
5 |  | ​ | Gs. |  | ​ | 130,000 |  | ​ | 03/2021 |  | ​ | 01/2031 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 8.00 | % | ​ | Quarterly basis |  | ​ | 2,918 | ​ |  | 3,541
​
| b) | Bank and other financing entities loans
As of December 31, 2022, the Company maintains US LIBOR-based loans as detailed below in this note, that are set to mature after June 30, 2023, the proposed LIBOR cessation date. Therefore, as of the date of issued of these consolidated financial statements, we have initiated negotiations for the replacement of LIBOR by the SOF rate, starting in June 2023 with the IFC, IDB, Finnvera and EDC. The Company estimates that these changes do not generate a significant effect on the Company’s cash flows. The main loans agreements, which are effective as of December 31, 2022 and 2021, are detailed below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest | ​ | ​ | ​ |  | ​ | ​
Entities | ​ | ​ | Currency | ​ | ​ | residual | ​ | ​ | Maturity | ​ | ​ | Amortization | ​ | ​ | Interest rate | ​ | ​ | Spread | ​ | ​ | payment | ​ | ​ | Unpaid portion
​ | ​ | ​ | ​ | ​ | ​ | nominal value | ​ | ​ | date | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | date | ​ | ​ | As of December 31,
​ |  |  | ​ |  |  | (in millions) |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | 2022 |  |  | 2021
​ | ​ | ​ | US$ | ​ | ​ | 114 | ​ | ​ | 03/2027 (1) | ​ | ​ | Semiannually | ​ | ​ | Variable annual rate: LIBO 6 months | ​ | ​ | between 4.00% and 6.75% | ​ | ​ | Semiannually | ​ | ​ | 21,484 | ​ | ​ | 29,217
International Finance Corporation (IFC) | ​ | ​ | US$ | ​ | ​ | 208 | ​ | ​ | Between 08/2024 and 08/2025 (1) | ​ | ​ | Semiannually | ​ | ​ | Variable annual rate: LIBO 6 months | ​ | ​ | between 4.60% and 5.85% | ​ | ​ | Semiannually | ​ | ​ | 37,986 | ​ | ​ | 60,285
​ | ​ | ​ | US$ | ​ | ​ | 185 | ​ | ​ | 08/2029 (2) | ​ | ​ | Semiannually from 08/2024 | ​ | ​ | Variable annual rate: SOF 6 months | ​ | ​ | 6.50% | ​ | ​ | Semiannually | ​ | ​ | 33,320 | ​ | ​ | —
Inter-American Investment Corporation (IIC) | ​ | ​ | US$ | ​ | ​ | 35 | ​ | ​ | 12/2024 (1) | ​ | ​ | Semiannually | ​ | ​ | Variable annual rate: LIBO 6 months | ​ | ​ | 5.85% | ​ | ​ | Semiannually | ​ | ​ | 6,231 | ​ | ​ | 7,112
Inter-American Development Bank (IDB) | ​ | ​ | US$ | ​ | ​ | 182 | ​ | ​ | 06/2027 (1) | ​ | ​ | Semiannually | ​ | ​ | Variable annual rate: LIBO 6 months | ​ | ​ | between 6.75% and 8.75% | ​ | ​ | Semiannually | ​ | ​ | 33,278 | ​ | ​ | 37,950
China Development Bank Shenzhen Branch (CDB) | ​ | ​ | RMB | ​ | ​ | 957 | ​ | ​ | 12/2027 | ​ | ​ | Semiannually | ​ | ​ | Annual fixed rate of 4.95% | ​ | ​ | N/A | ​ | ​ | Semiannually | ​ | ​ | 23,482 | ​ | ​ | 14,485
(3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tearm Loan (4) | ​ | ​ | US$ | ​ | ​ | — | ​ | ​ | 10/2022 | ​ | ​ | 16% 07/2022 | ​ | ​ | Variable annual rate: | ​ | ​ | 5.25% | ​ | ​ | Quarterly basis | ​ | ​ | — | ​ | ​ | 28,257
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 84% 10/2022 | ​ | ​ | LIBO 3 months | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | $ | ​ | ​ | 4,000 | ​ | ​ | 08/2022 (5) | ​ | ​ | In one installment at maturity date | ​ | ​ | Previous annual fixed rate 40.50 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | 4,001 | ​ | ​ | 7,838
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 07/2023 (5) | ​ | ​ | In one installment at maturity date | ​ | ​ | Modified annual fixed rate 55.00 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | $ | ​ | ​ | 1,500 | ​ | ​ | 10/2022 (6) | ​ | ​ | In one installment at maturity date | ​ | ​ | Previous annual fixed rate: 37.75 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | 1,527 | ​ | ​ | 2,947
Banco Santander Argentina S.A. (Santander) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 10/2023 (6) | ​ | ​ | In one installment at maturity date | ​ | ​ | Modified annual fixed rate 79.00 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | $ | ​ | ​ | 1,000 | ​ | ​ | 12/2022 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 37.75 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | — | ​ | ​ | 1,981
​ | ​ | ​ | $ | ​ | ​ | 3,500 | ​ | ​ | 03/2023 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 44.50 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | 3,574 | ​ | ​ | —
​ | ​ | ​ | $ | ​ | ​ | 1,000 | ​ | ​ | 06/2023 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 47.00 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | 1,007 | ​ | ​ | —
​ | ​ | ​ | $ | ​ | ​ | — | ​ | ​ | 08/2022 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 40.75 | % | ​ | N/A | ​ | ​ | Monthly | ​ | ​ | — | ​ | ​ | 1,981
Banco BBVA Argentina S.A. (BBVA) |  | ​ | $ | ​ | ​ | 1,000 |  | ​ | 03/2023 |  | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 43.90 | % | ​ | N/A |  | ​ | Monthly |  | ​ | 1,021 |  | ​ | —
​ |  | ​ | $ | ​ | ​ | 1,500 |  | ​ | 05/2023 |  | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 44.85 | % | ​ | N/A |  | ​ | Monthly |  | ​ | 1,507 |  | ​ | —
Banco Industrial and Commercial Bank of China (Argentina) S.A.U.(ICBC) |  | ​ | US$ | ​ | ​ | — |  | ​ | 01/2022 |  | ​ | Semiannually |  | ​ | Annual fixed rate of 6.00 | % | ​ | N/A |  | ​ | Semiannually |  | ​ | — |  | ​ | 132
Finnvera (7) |  | ​ | US$ | ​ | ​ | 61 |  | ​ | Between 11/2025 and 11/2026 |  | ​ | Semiannually |  | ​ | Variable annual rate: LIBO 6 months |  | ​ | between 1.04% and 1.20 | % | ​ | Semiannually |  | ​ | 11,113 |  | ​ | 14,109
Export Development Canadá (EDC) (8) |  | ​ | US$ | ​ | ​ | 19 |  | ​ | 12/2026 |  | ​ | Semiannually |  | ​ | Variable annual rate: LIBO 6 months |  | ​ | 1.2 | % | ​ | Semiannually |  | ​ | 2,808 |  | ​ | —
BBVA (9) | ​ | ​ | $ | ​ | ​ | 211 |  | ​ | 07/2025 |  | ​ | Monthly |  | ​ | Annual fixed rate of 47.90 | % | ​ | N/A |  | ​ | Monthly |  | ​ | 200 |  | ​ | —
PSA Finance Argentina (9) | ​ | ​ | $ | ​ | ​ | 750 |  | ​ | 07/2025 |  | ​ | Monthly |  | ​ | Annual fixed rate of 42.90 | % | ​ | N/A |  | ​ | Monthly |  | ​ | 455 |  | ​ | —
ICBC (10) | ​ | ​ | $ | ​ | ​ | 82 |  | ​ | 08/2023 |  | ​ | Monthly |  | ​ | Annual fixed rate of 4.90 | % | ​ | N/A |  | ​ | Monthly |  | ​ | 82 |  | ​ | —
Cisco Systems Capital Corporation (Cisco) y otros (11) | ​ | ​ | US$ | ​ | ​ | 59 |  | ​ | between 10/2022 and 11/2026 |  | ​ | Quarterly basis |  | ​ | Annual fixed rate of 4.00 | % | ​ | N/A |  | ​ | Quarterly basis |  | ​ | 9,978 |  | ​ | 15,469
(1) | On December 15, 2021 the Company refinanced part of its loans and agreed to change, mainly, the amortization schedule of loans: a) IFCTranche B, by deferring the 75% of all principal maturities that would take place during 2022 and 2023 for a term ranging between 24 and 60 months, and pre-paying the remaining 25% jointly with accrued interest and other related expenses; b) IDB / IIC, by deferring 75% of them in a new amortization schedule ending in December 2024 and June 2027, and pre-paying the remaining 25% jointly with accrued interest and other related expenses. As a result of this renegotiation, during 2021, the Company recognized a loss of $4,192 that is included in “Financial debt renegotiation results” item, within financial results, net.
(2) | On June 28, 2022 the Company executed a proposal for a credit line to finance the expansion of fixed and mobile network coverage with IFC for a total amount of up to US$184.5 million, as requested in a timely manner by the Company (the “Loan”). On July 15, 2022, the Company received a disbursement for a total amount of US$184.5 million (US$181.5 million were received, because US$3 million corresponding to debt issuance expenses were deducted from the initial disbursement).
(3) | During 2022 and 2021, the Company has subscribed new tranches for a total of RMB 488 million (equivalent to $9,535) and RMB 449 million (equivalent to $6,814), respectively. In February 2023, the Company has suscribed new tranches for a total of RMB 49 million (equivalent to $1,348).
(4) | On July 18, 2022, the Company pre-paid the remaining balance under the contract Term Loan executed on October 8, 2018 for US$142.2 million (US$140 million of principal and US$2.2 million of interest). The pre-payments made by the Company during the term of the contract did not generate penalties. During 2022, as a result of the pre-payment made, the Company recognized a loss of $38 that is included in “Financial debt renegotiation results” item, within financial results, net.
(5) | On July 27, 2022, the Company executed an addendum to Santander loan signed on August 18, 2021 for a total amount of $4,000, and agreed to change the principal maturity amortization schedule that would take place on August 18, 2022, by deferring it to July 27, 2023. Additionally, a new fixed interest rate from 40.5% to 55% annual nominal was renegotiated from July 27, 2022. This transaction was recognized as a debt extinguishment, recognizing a loss of $2 that is included in “Financial debt renegotiation results” item, within financial results, net.
(6) | On October 17, 2022, the Company executed an addendum to Santander loan signed on October 15, 2021 for a total amount of $1,500, and agreed to change the amortization schedule of principal maturity that would take place on October 17, 2022, by deferring it to October 17, 2023. Additionally, a new fixed interest rate from 37.75% to 79% annual nominal was renegotiated from October 17, 2022.
On October 17, 2022, interest owed to date for $49.6 was paid.
(7) | On May 14, 2021, the Company submitted a proposal for an export credit line for a total amount of up to US$30 million to the following entities: (i) JPMorgan Chase Bank, N.A., London Branch, as initial lender, lead coordinator and guarantee of residual risk, (ii) JPMorgan Chase Bank, N.A., London Branch, as a financing agent, and (iii) JPMorgan Chase Bank, N.A, Buenos Aires branch, as a local custody agent, which was accepted on the same date.
The credit line is guaranteed by Finnvera plc, the official export credit agency of Finland, which granted a bond in favor of the lenders subject to certain terms and conditions. The proceeds from the loans under this credit line will be used to finance up to 85% of the value of certain imported goods and services, the value of certain national goods and services and the total payment of the Finnvera premium equivalent to 14.41% of the total amount committed by the lenders under the credit line. During 2021, the Company received a disbursement for a total amount of US$18.6 million (US$16 million were received, because US$2.6 million corresponding to the premium were deducted from the initial disbursement). During 2022, the Company received a disbursement for a total amount of US$11.4 million (US$9.7 million were received, because US$1.7 million corresponding to the premium equivalent to 14.41% of the total amount committed by the lenders under the credit line were deducted from the initial disbursement). With this disbursement, the total amount committed for this line of credit is completed.
(8) | On January 3, 2022, the Company submitted a proposal for an export credit line for a total amount of up to US$23.4 million to the following entities: (i) JPMorgan Chase Bank, N.A., as initial lender, residual risk guarantor and agent of the facility, (ii) JPMorgan Chase Bank, N.A., Buenos Aires branch as an onshore custody agent, and (iii) JPMorgan Chase Bank, N.A. and EDC as lead co-organizers, which was accepted on the same date.
The line of credit is guaranteed by EDC, the official export credit agency of Canada. The funds received will be used to finance up to 85% of the value of certain imported goods and services, up to 50% of the value of certain national goods and services and the total payment of the EDC surplus equivalent to 14.41% of the total amount committed by the lenders under the line of credit. During June and October 2022, the Company received a disbursement for a total amount of US$17 million, of which the Company received US$14.1 million net of debt issuance expenses deducted, equivalent to $1,733.1 and a total amount of US$6.3 million, of which the Company received US$5.4 million net of debt issuance expenses deducted, equivalent to $809, the total amount committed for this line of credit is completed.
(9) | On June 10, 2022, the Company executed a proposal for a credit line to finance the acquisition of 350 utility vehicles for a total amount of $1,042.7 plus VAT. For each acquisition, the Company will pay an advance of 40% of the value, financing the remaining 60% in 36 consecutive monthly installments at the rate agreed at the time of each acquisition through PSA Finance Argentina and/or BBVA.
(10) | On August 30, 2022, the Company executed a proposal for a credit line to finance the acquisition of 43 utility vehicles for a total amount of $222 plus VAT. For the acquisition, the Company was paid an advance of 50% of the value, financing the remaining 50% of $122.6 in 12 consecutive monthly installments at a fixed rate of 4.9% through ICBC.
(11) | During 2022 and 2021, the Company received a disbursement for a total of US$17 million (equivalent to $1,911) and US$25.2 million (equivalent to $1,782), respectively. In February 2023, the Company received a disbursement for a total of US$0.8 million (equivalent to $154).

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