Leads round up GE, YPF syndication

Citi, Credit Suisse and Export Development Canada expect to wrap
up the syndication process for a roughly $220m loan to GE and YPF before the
end of the month.

GE, through
its energy investing unit GE Energy Financial Services, and YPF Energia
Electrica, a wholly owned subsidiary of the Argentine energy company will use
proceeds for two jointly-owned thermal power facilities in Argentina – the 267
MW Tucuman and 107 MW Loma Campana II projects.

GE is the
EPC contractor on both facilities. Both are more than halfway through
construction, according to a joint statement from YPF and GE.

The
companies said in June last year that they will invest $170m to build the plant in
Tucuman and in September they said they would spend $100m to build the Loma
Campana II plant in Neuquen. The Tucuman plant is scheduled to start production
in Q1 next year, while Loma Campana II is slated to begin operations in Q4 this
year.

LatinFinance reported in March that the
trio of lenders had started
the syndication process for
the five-year transaction.

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