By a press release, the Ministry of Finance informed about the permission of Empresas Públicas de Medellín (EPM) to hold an external loan of up to 750 million dollars.
According to information in the portfolio, resources will be used to fund the investment plan 2014-2022 and other business purposes than the company's investments. The loan was signed with HSBC Bank USA N.A and HSBC México S.A. Bank of several banks, Grupo Financiero HSBC.
As confirmed by the Ministry, of the total resources that can be used by the company, $ 215 million will focus on financing the investment plan that the company has for the years between 2014 and 2022.
On the other hand, it was confirmed that $ 535 million, of the total loan approved for the company Paisa, will have "general business purposes that differ from investment-related issues," said the Ministry of Finance through the same press release.
Regarding the breakdown of the loans to EPM, the Ministry confirmed that the agreement was signed with HSBC Bank USA N.A (allocated $ 650 million) and HSBC México S.A. Multiple Banking Institution, Grupo Financiero HSBC, Unit which delivered $ 100 million.
Among the loan terms, a term of three years was established, from the signing of the same, "with a libor rate of six months plus 2.75% per annum and a 30-month availability date from the date of signing the contract."
The company must submit to the Public Credit and Treasury Directorate within the first 10 calendar days of the month following the reporting month "All information about balances and operations of the operation to the total payment of the debt," said the State Tax Portfolio.