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BORROWINGS | 12 Months Ended
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Dec. 31, 2024
BORROWINGS |
BORROWINGS | NOTE 13 – BORROWINGS ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Current |  | 2024 |  | 2023
Bank overdrafts - principal | ​ | 123,446 | ​ | 51,205
Bank and other financial entities loans – principal |  | 141,326 |  | 445,867
Notes – principal | ​ | 650,688 | ​ | 411,523
Loans for purchase of equipment | ​ | 6,440 | ​ | 33,931
Interest and related expenses | ​ | 150,841 | ​ | 284,524
​ |  | 1,072,741 |  | 1,227,050
Non-current |  |  |  |
Notes – principal |  | 1,304,594 |  | 2,175,746
Bank and other financial entities loans – principal | ​ | 136,159 | ​ | 870,357
Loans for purchase of equipment | ​ | 7,927 | ​ | 23,355
Interest and related expenses | ​ | 356,583 | ​ | 337,652
​ |  | 1,805,263 |  | 3,407,110
Total borrowings |  | 2,878,004 |  | 4,634,160
​ Movements in Borrowings are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Total
​ |  | Cash items |  | Non-cash items |  | 12.31.2024
At the beginning of the year |  | — | ​ | — | ​ | 4,634,160
Proceeds from borrowings – principal |  | 997,103 | ​ | — | ​ | 997,103
Payment of borrowings – principal |  | (1,121,138) | ​ | — | ​ | (1,121,138)
Repurchase of Notes |  | (26,540) | ​ | — | ​ | (26,540)
Payment of interests and related expenses | ​ | (320,545) | ​ | — | ​ | (320,545)
Payment of DFI | ​ | (4,820) | ​ | — | ​ | (4,820)
Proceed from bank overdrafts net of payment | ​ | 199,407 | ​ | — | ​ | 199,407
Trade payables cancelled with borrowings | ​ | — | ​ | 23,425 | ​ | 23,425
Accrued interest and other financial cost (*) |  | — | ​ | 234,992 | ​ | 234,992
Foreign currency exchange gains (**) | ​ | — | ​ | (1,688,908) | ​ | (1,688,908)
Currency translation adjustments |  | — | ​ | (49,132) | ​ | (49,132)
Total at 12/31/24 | ​ | (276,533) | ​ | (1,479,623) | ​ | 2,878,004
(*) | Not includes $2,747 million corresponding to net income generated by DFI.
(**) | Not includes $(1,092) million corresponding to net losses generated by DFI and others.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Total
​ | ​ | Cash items | ​ | Non-cash items | ​ | 12.31.2023
At the beginning of the year | ​ | ​ | ​ | ​ |  | 3,181,724
Proceeds from borrowings – principal |  | 718,975 |  | — |  | 718,975
Payment of borrowings – principal |  | (497,703) |  | — |  | (497,703)
Payment of interests and related expenses |  | (380,250) |  | — |  | (380,250)
Payment of DFI |  | (70,460) |  | — |  | (70,460)
Proceed from bank overdrafts net of payment |  | 126,316 |  | — |  | 126,316
Trade payables cancelled with borrowings |  | — |  | 74,268 |  | 74,268
Accrued interest and other financial cost (*) |  | — |  | 23,351 |  | 23,351
Foreign currency exchange gains (**) |  | — |  | 1,411,042 |  | 1,411,042
Currency translation adjustments |  | — |  | 46,897 |  | 46,897
Total at 12/31/23 |  | (103,122) |  | 1,555,558 |  | 4,634,160
Total at 12/31/22 |  | (198,761) |  | (***)(145,418) |  |
(*) | Not includes $2,705 million corresponding to net income generated by DFI.
(**) | Not includes ($50,398) million corresponding to net losses generated by DFI and others.
(***)Includes $72,805 million of new loans that do not represent cash movement. ​ The main borrowings, which are effective as of December 31, 2024 and 2023, 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$3,000 million or its equivalent in other currencies, the Company issued several series of Notes, which amounts and main characteristics are described below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accouting
​ | ​ | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | balance (*)
​ | ​ | ​ | ​ |  |  | involved |  |  | Issuance |  |  | Maturity |  |  | ​ |  |  | ​ |  |  | Interest payment |  |  | As of December 31,
Series | ​ | ​ | Currency | ​ | ​ | (in millions) | ​ | ​ | date | ​ | ​ | date | ​ | ​ | Amortization | ​ | ​ | Interest rate | ​ | ​ | date | ​ | ​ | 2024 |  |  | 2023
1 | ​ | ​ | US$ |  | ​ | 400 | (1) | ​ | 07/2019 |  | ​ | 07/2026 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 8.00% | ​ | ​ | Semiannually |  | ​ | 171,319 |  | ​ | 722,712
5 | ​ | ​ | US$ | ​ | ​ | 389 | (1) (2) | ​ | 08/2020 | ​ | ​ | 08/2025 | ​ | ​ | In four installments of: 3% at 02/2023 30% at 08/2023 33% at 08/2024 34% at 08/2025 | ​ | ​ | Annual fixed rate of 8.50% | ​ | ​ | Semiannually | ​ | ​ | 120,235 | ​ | ​ | 477,965
8 | ​ | ​ | UVA |  | ​ | 134 | (3) | ​ | 01/2021 |  | ​ | 01/2025 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 4.00% | ​ | ​ | Semiannually |  | ​ | 169,165 |  | ​ | 135,887
9 |  | ​ | US$linked |  | ​ | 92 |  | ​ | 06/2021 |  | ​ | 06/2024 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 2.75% | ​ | ​ | Quarterly basis |  | ​ | — |  | ​ | 161,953
10 | ​ | ​ | UVA |  | ​ | 127 |  | ​ | 12/2021 |  | ​ | 06/2025 |  | ​ | In one installment at maturity date |  | ​ | 0% |  | ​ | n/a |  | ​ | 164,638 |  | ​ | 127,660
12 |  | ​ | US$linked |  | ​ | 23 |  | ​ | 03/2022 |  | ​ | 03/2027 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 1.00% | ​ | ​ | Quarterly basis |  | ​ | 106,348 |  | ​ | 185,676
​ |  | ​ | US$linked |  | ​ | 75 |  | ​ | 08/2022 |  | ​ | 03/2027 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 1.00% | ​ | ​ | Quarterly basis | ​ | ​ | ​ | ​ | ​ | ​
14 | ​ | ​ | US$linked | ​ | ​ | 62.4 | ​ | ​ | 02/2023 | ​ | ​ | 02/2028 | ​ | ​ | In one installment at maturity date | ​ | ​ | Fixed rate of 1.00% | ​ | ​ | Quarterly basis | ​ | ​ | 64,465 | ​ | ​ | 109,873
15 | ​ | ​ | US$linked | ​ | ​ | 87.4 | (4) | ​ | 06/2023 | ​ | ​ | 06/2026 | ​ | ​ | In one installment at maturity date | ​ | ​ | 0% | ​ | ​ | n/a | ​ | ​ | 97,138 | ​ | ​ | 174,442
16 | ​ | ​ | US$linked | ​ | ​ | 180.4 | (5) | ​ | 07/2023 | ​ | ​ | 07/2025 | ​ | ​ | In one installment at maturity date | ​ | ​ | 0% | ​ | ​ | n/a | ​ | ​ | 195,002 | ​ | ​ | 361,167
18 | ​ | ​ | UVA | ​ | ​ | 75 | (6) | ​ | 11/2023 | ​ | ​ | 11/2027 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 1.00% | ​ | ​ | Quarterly basis | ​ | ​ | 115,149 | ​ | ​ | 94,466
19 | ​ | ​ | US$linked | ​ | ​ | 34.6 | (7) | ​ | 11/2023 | ​ | ​ | 11/2026 | ​ | ​ | In one installment at maturity date | ​ | ​ | 0% | ​ | ​ | n/a | ​ | ​ | 87,250 | ​ | ​ | 170,594
​ | ​ | ​ | ​ | ​ | ​ | 30.9 | (7) | ​ | 12/2023 | ​ | ​ | 11/2026 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
20 | ​ | ​ | US$linked | ​ | ​ | 59.7 | (8) | ​ | 06/2024 | ​ | ​ | 06/2026 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 5% | ​ | ​ | Quarterly basis | ​ | ​ | 86,411 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 21.6 | (8) | ​ | 06/2024 | ​ | ​ | 06/2026 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
21 | ​ | ​ | US$ | ​ | ​ | 500 | (1) | ​ | 07/2024 | ​ | ​ | 07/2031 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 115.3 | (1) | ​ | 07/2024 | ​ | ​ | 07/2031 | ​ | ​ | In three installments of: 33% at 07/2029 33% at 07/2030 34% at 07/2031. | ​ | ​ | Annual fixed rate of 9.50% | ​ | ​ | Semi-annual | ​ | ​ | 874,271 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 1.9 | (1) | ​ | 08/2024 | ​ | ​ | 07/2031 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 200 | (1) | ​ | 10/2024 | ​ | ​ | 07/2031 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
22 | ​ | ​ | US$ linked | ​ | ​ | 33.7 | (9) | ​ | 08/2024 | ​ | ​ | 02/2026 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of: 2% | ​ | ​ | Quarterly basis | ​ | ​ | 34,944 | ​ | ​ | —
23 | ​ | ​ | US$ | ​ | ​ | 75 | (10) | ​ | 11/2024 | ​ | ​ | 11/2028 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 7% | ​ | ​ | Quarterly basis | ​ | ​ | 77,613 | ​ | ​ | —
(*)These accounting balances include interest and related expenses.
(1) | Series 21 Notes: In June 2024, the Company issued US$500 million, the subscription price was under par, so at the date of issuance, the Company obtained, net of issuance costs, US$493 million ($531,597 million in current currency as of December 31, 2024). In July and August, 2024, the Company exchanged US$115.3 million ($ 120,049 million in current currency as of December 31, 2024) and US$ 1.9 million ($ 2,050 million in current currency as of December 31, 2024), respectively, of Series 21 Notes for part of its Series 1 Notes maturing in 2026. This transaction was recognized as a debt extinguishment, recognizing a gain of $256 million that is included in “Borrowings renegotiation results” item, within Financial results from borrowings. In October 2024, the additional issuance of US$200 million, which subscription price was above par, so as of the issuance date, the Company obtained net funds from issuance expenses amounting to US$211 million (equivalent to $219.941 million in current currency as of December 31, 2024). The Company used funds amounting to US$704 million to the payment, repayment, payment of principal and interest of the following borrowings: a) IFC for US$342 million, b) IIC for US$135 million; c) payment of interest and related expenses for US$31 million, d) repurchase of Series 5 Notes for US$20 million (we recognized a gain on the repurchase of Notes of $407 million was recognized, which is included in the line “Repurchase of Notes” within “Financial results from borrowings”), e) prepayment of part of the principal and payment of interest of Series 1 Notes for US$133 million; f) payment of capital and interest of Series 8 Notes for US$5 million; and g) payment of interest of Series 21 Notes for US$38 million.
As of December 31, 2024, after the payments made with the funds of Series 21 Notes, the outstanding principal of Series 1 Notes amounts to US$162.7 million.
(2) | Series 5: On August 6, 2024, the Company paid a part of principal on the Series 5 Notes for US$128.3 million ($133,842 million in current currency as of December 31, 2024) was made. As of December 31, 2024, after the cancellations made, the nominal residual capital of ON 5 amounts to US$73.2 million.
(3) | Series 8 Notes: In December 2024, the Company repurchased Series 5 Notes for $5,851 million, for which it recognized a gain on the repurchase of Notes of $53 million, which is included in the line “Repurchase of Notes” within “Financial results from borrowings.”
(4) | Series 15 Notes: The subscription price was above par, so that on the date of issuance, its value was $24,474 million ($110,145 million in current currency as of December 31, 2024), equivalent to US$102.3 million without considering the issuance expenses.
(5) | Series 16 Notes: The subscription price was above par, so that on the date of issuance, its value was $57,186 million ($247,007 million in current currency as of December 31, 2024), equivalent to US$213.2 million without considering the issuance expenses.
(6) | Series 18 Notes, the subscription price was above par, so that on the date of issuance, its value was $37,435 million ($102,279 million in current currency as of December 31, 2024), equivalent to US$213.2 million, of which the Company received funds for $56,906 million ($64,948 million in current currency as of December 31, 2024) and $13,512 million ($36,917 million in current currency as of December 31, 2024) (equivalent to 34.1 million UVAs of nominal value) through the exchange of a portion of Series 7 Notes, net of issuance expenses for $151 million ($414 million in current currency as of December 31, 2024).
(7) | Series 19 Notes, the subscription price was above par, so that on the date of issuance, its value was $17,058 million ($46,606 million in current currency as of December 31, 2024), equivalent to US$48.3 million without considering the issuance expenses. For the additional Series 19 Notes, the subscription price was above par, so that on the date of issuance, its value was $18,102 million, equivalent to US$49.9 million without considering the issuance expenses.
(8) | Series 20 Notes: the subscription price was above par. The Company issued Notes for a nominal value of $55,619 million, equivalent to US$59.7 million. Of the total issued, the Company obtained proceeds net of issuance expenses of $46,210 million ($55.976 million in current currency as of December 31, 2024), equivalent to US$51.8 million, and an non cash proceed of $9,128 million ($11,057 million in current currency as of December 31, 2024), equivalent to US$9.8 million, was made through the exchange of a portion of the Series 9 Notes. This transaction was recognized as a debt extinguishment, recognizing a gain of $0.4 million that is included in “Borrowings renegotiation results” item, within Financial results from borrowings.
Series 20 Notes additional issuance, the subscription price was above par. The Company obtained proceeds net of issuance expenses of $20,225 million ($24,499 million in current currency as of December 31, 2024), equivalent to US$21.6 million.
(9) | Series 22 Notes: The subscription price was above par. The Company issued Notes for a nominal value of $31,732 million, equivalent to US$33.7 million. Of the total issuance, the Company obtained proceeds net of issuance expenses of $31,574 million ($35,393 million in current currency as of December 31, 2024).
(10) | Series 23 Notes: The subscription price was above par. The Company issued Notes for a nominal value of US$75 million. Of the total issuance, the Company obtained proceeds net of issuance expenses of US$74.7 million ($77,438 million in current currency as of December 31, 2024).
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 (“Gs.”) (approximately $3,200 million as of the date of issue), Núcleo issued several series of Notes, which amounts and main characteristics are described below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest | ​ | ​ | Accouting balance (*)
​ | ​ | ​ | ​ | ​ | ​ | involved | ​ | ​ | Issuance | ​ | ​ | Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | payment | ​ | ​ | As of December 31,
Series | ​ | ​ | Currency | ​ | ​ | (in millions) | ​ | ​ | date | ​ | ​ | date | ​ | ​ | Amortization | ​ | ​ | Interest rate | ​ | ​ | date | ​ | ​ | 2024 | ​ | ​ | 2023
1 |  | ​ | Gs. |  | ​ | 120,000 |  | ​ | 03/2019 |  | ​ | 03/2024 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 9.00 | % | ​ | Quarterly basis |  | ​ | — | ​ |  | 28,819
2 |  | ​ | Gs. |  | ​ | 30,000 |  | ​ | 03/2019 |  | ​ | 03/2024 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 9.00 | % | ​ | Quarterly basis |  | ​ | — | ​ |  | 7,177
3 |  | ​ | Gs. |  | ​ | 100,000 |  | ​ | 03/2020 |  | ​ | 03/2025 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 8.75 | % | ​ | Quarterly basis |  | ​ | 13,261 | ​ |  | 24,045
4 |  | ​ | Gs. |  | ​ | 130,000 |  | ​ | 03/2021 |  | ​ | 01/2028 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 7.10 | % | ​ | Quarterly basis |  | ​ | 17,506 | ​ |  | 31,702
5 |  | ​ | Gs. |  | ​ | 120,000 |  | ​ | 03/2021 |  | ​ | 01/2031 |  | ​ | In one installment at maturity date |  | ​ | Annual fixed rate of 8.00 | % | ​ | Quarterly basis |  | ​ | 16,176 | ​ |  | 29,294
(*)These accounting balances include interest and related expenses. ​
| b) | Bank and other financing entities loans
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | residual | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest | ​ | ​ | Accouting balance (*)
​ | ​ | ​ | ​ | ​ | ​ | nominal value | ​ | ​ | Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | payment | ​ | ​ | As of December 31,
Entities |  |  | Currency |  |  | (in millions) |  |  | date |  |  | Amortization |  |  | Interest rate |  |  | Spread |  |  | date |  |  | 2024 |  |  | 2023
​ | ​ | ​ | US$ | ​ | ​ | — | ​ | ​ | 03/2027 | ​ | ​ | Semiannually | ​ | ​ | ​ | ​ | ​ | between 4.43% and 7.18% | ​ | ​ | Semiannually | ​ | ​ | — | ​ | ​ | 174,636
International Finance Corporation (IFC) (1) | ​ | ​ | US$ | ​ | ​ | — | ​ | ​ | Between 08/2024 and 08/2025 | ​ | ​ | Semiannually | ​ | ​ | Variable annual rate: SOF 6 months | ​ | ​ | between 5.03% and 5.28% | ​ | ​ | Semiannually | ​ | ​ | — | ​ | ​ | 219,656
​ | ​ | ​ | US$ | ​ | ​ | — | ​ | ​ | 08/2029 (1) | ​ | ​ | Semiannually from 08/2024 | ​ | ​ | ​ | ​ | ​ | 6.50% | ​ | ​ | Semiannually | ​ | ​ | — | ​ | ​ | 334,831
Inter-American Investment Corporation (IIC) (1) | ​ | ​ | US$ | ​ | ​ | — | ​ | ​ | 12/2024 | ​ | ​ | Semiannually | ​ | ​ | Variable annual rate: SOF 6 months | ​ | ​ | 6.28% | ​ | ​ | Semiannually | ​ | ​ | — | ​ | ​ | 30,705
Inter-American Development Bank (IDB) (2) | ​ | ​ | US$ | ​ | ​ | 99 | ​ | ​ | 06/2027 | ​ | ​ | Semiannually | ​ | ​ | Variable annual rate: SOF 6 months | ​ | ​ | between 7.18% and 9.18% | ​ | ​ | Semiannually | ​ | ​ | 101,219 | ​ | ​ | 535,546
China Development Bank Shenzhen Branch (CDB) (3) | ​ | ​ | RMB | ​ | ​ | 882 | ​ | ​ | 12/2027 | ​ | ​ | Semiannually | ​ | ​ | Annual fixed rate of 4.95% | ​ | ​ | n/a | ​ | ​ | Semiannually | ​ | ​ | 114,597 | ​ | ​ | 257,414
Finnvera |  | ​ | US$ | ​ | ​ | 31 |  | ​ | Between 11/2025 and 11/2026 |  | ​ | Semiannually |  | ​ | Variable annual rate: SOF 6 months |  | ​ | between 1.47% and 1.63 | % | ​ | Semiannually |  | ​ | 28,913 |  | ​ | 79,980
Export Development Canadá (EDC) (4) |  | ​ | US$ | ​ | ​ | 34 |  | ​ | Between 12/2026 and 12/2030 |  | ​ | Semiannually |  | ​ | Variable annual rate: SOF 6 months |  | ​ | between 1.63% and 6.65 | % | ​ | Semiannually |  | ​ | 33,274 |  | ​ | 43,836
BBVA | ​ | ​ | $ | ​ | ​ | 67 |  | ​ | 07/2025 |  | ​ | Monthly |  | ​ | Annual fixed rate of 47.90 | % | ​ | n/a |  | ​ | Monthly |  | ​ | 68 |  | ​ | 324
PSA Finance Argentina | ​ | ​ | $ | ​ | ​ | 147 |  | ​ | 07/2025 |  | ​ | Monthly |  | ​ | Annual fixed rate of 42.90 | % | ​ | n/a |  | ​ | Monthly |  | ​ | 151 |  | ​ | 730
Rombo Compañía Financiera | ​ | ​ | $ | ​ | ​ | 118 |  | ​ | 07/2025 |  | ​ | Monthly |  | ​ | Annual fixed rate between 70.9% and 77.9 | % | ​ | n/a | ​ | ​ | Monthly |  | ​ | 124 |  | ​ | 531
Cisco Systems Capital Corporation (Cisco) (5) and Bank of China (Huawei import) (6) | ​ | ​ | US$ | ​ | ​ | 13.7 | ​ | ​ | between 10/2022 and 11/2026 | ​ | ​ | Quarterly basis | ​ | ​ | Annual fixed rate between 4.00% and 6.5 | % | ​ | n/a | ​ | ​ | Quarterly basis | ​ | ​ | 15,723 | ​ | ​ | 59,101
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | between 01/2025 and 12/2027 |  | ​ | Semiannually |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 25,000 | ​ | ​ | 02/2025 | ​ | ​ | ​ | ​ | ​ | Annual fixed rate of 38.375 | % | ​ | n/a | ​ | ​ | At maturity date | ​ | ​ | 28,249 | ​ | ​ | —
Banco Nación (7) | ​ | ​ | $ | ​ | ​ | 10,000 | ​ | ​ | 08/2025 | ​ | ​ | In one installment at maturity date | ​ | ​ | Annual fixed rate of 35 | % | ​ | n/a | ​ | ​ | At maturity date | ​ | ​ | 10,326 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 10,000 |  | ​ | 09/2025 |  | ​ | ​ |  | ​ | Annual fixed rate of 32.38 | % | ​ | n/a |  | ​ | At maturity date |  | ​ | 10,026 |  | ​ | —
(*)These accounting balances include interest and related expenses.
(1) | The Company has used US$508 million ($528,665 million in current currency as of December 31, 2024) of the funds obtained from the Series 21 Notes for the payments and prepayments of the following loans:
- IFC: The Company used funds totaling US$368 million, of which US$342 million was used for the payment of principal and US$26 million for the payment of interest and related expenses. As of December 31, 2024, IFC loans are fully paid. - IIC: The Company used funds totaling US$140 million, of which US$135 million was for the payment of principal and US$5 million for the payment of interest and related expenses. As of December 31, 2024, loans with IIC are fully paid.
(2) | On October 17, 2023, the Company subscribed two new tranches (5 and 6) under the IDB loan for a total of US$120 million, equivalent to $41,145 million ($126,817 million in current currency as of December 31, 2023), net of issuance expenses for $866 million ($2,670 million in current currency as of December 31, 2023). The funds were used to pay for the 5G spectrum.
In December 2024, the Company has prepaid a part of the loan totaling US$46 million (includes payment of principal and interest), equivalent to $48,038 million in current currency as of December 31, 2024.
(3) | In November 2024, the Company has paid a part of the loan totaling RMB 156 million (includes payment of principal and interest), equivalent to $22,802 million in current currency as of December 31, 2024.
(4) | On May 5, 2023, the Company submitted a proposal for an export credit line for a total amount of up to US$50 million to EDC, the official export credit agency of Canada.
The funds received will be used to finance up to 100% of the payments due to “Nokia Solutions and Networks Oy” and/or “Nokia Spain S.A.”, received from August 30, 2022 until November 1, 2024. During 2024 and 2023, the Company received a disbursement for a total amount of US$11.6 million ($12,969 million in current currency as of December 31, 2024), and U$12.7 million ($14,806 million in current currency as of December 31, 2024), maturing in May 2030. The principal disbursed accrues compensatory interest at a semi-annual SOFR plus a margin of 6.65 percentage points.
(5) | During August 2024, through the liquidation of BOPREAL bonds, the Company prepaid its loan with the supplier for US$18 million (principal of US$17.6 million and interest of US$0.4 million). This negotiation resulted in a reduction of US$1.8 million ($1,903 million in current currency as as of December 31, 2024) recognized in “Borrowings renegotiation results” item, within Financial results from borrowings.
(6) | In December 2024, The Company subscribed an equipment loan of US$10.1 million, equivalent to $10,456 million.
(7) | In the months of August, November and December 2024, the Company subscribed loans totaling $45,000 million ($48,214 million in current currency as of December 31, 2024).
| c) | Compliance with covenants
The Company holds certain loans with IDB, Finnvera, EDC, and CDB, hereinafter collectively referred to as the “Lenders”, which, as of December 31, 2024, amount to $278,003 million. These loans establish, among other provisions, the obligation to comply with certain financial ratios, which are calculated based on contractual definitions, on a quarterly basis, along with the presentation of the Company’s financial statements: i) “Net Debt/EBITDA” and ii) “EBITDA/Interest Net”. Considering the complexity of Argentina’s economic situation, which prevented the early and accurate estimation of certain financial ratios as of December 31, 2023, the Company, as of December 31, 2023, requested and obtained waivers regarding the Net Debt/EBITDA ratio. During March 2024, the Company requested and obtained from the Lenders new waivers effective until March 31, 2025, which allowed increasing the maintenance Net Debt/EBITDA ratio above the originally established level (raising it to 3.75), for the calculation period between December 31, 2023 and December 31, 2024, establishing a net debt of US$2.700 billion on each calculation date, among other matters. On January 31, 2025, the Company notified the Lenders that, due to the improvement of Argentina’s economic situation during 2024, the Company has been able to revert the situation that motivated the waiver and has complied with the ratios established in the original loan agreements since the calculation period ending on September 30, 2024 and has complied at all times with the conditions and restrictions set forth in the waiver agreements. As a consequence, thereof, and based on the early calculation of the ratios for the calculation period ending on Dember 31, 2024 following the methodology set forth in the original loan agreements, ,the Company has informed to the lenders that such waivers should be no longer in effect and that the original terms of the loan agreements shall be reinstated in their entirety. Additionally, beyond the flexibility established in the waivers, the Company has also been within the limits established in the original loan agreements in relation to the aforementioned ratios, for the calculation periods of 2024. As of the date of issuance of these consolidated financial statements, the Company complies with: a) the EBITDA/ Interest Net ratio and b) the Net Debt/EBITDA ratio established in the original loan agreements, and is also in compliance with the rest of the covenants established.

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