First Drawdown by Ecuador
Ecuadorian Hidrotoapi E.P. has made a first drawdown under the US$ 123m loan facility provided to it by a bank syndicate led by Eximbank of Russia to finance acquisition of Russian power equipment for Sarapullo, Alluriquin and Toachi Hydro Power Plants of the Toachi Pilaton cascade project. The first drawdown was US$ 7.2m.
The total amount of the syndicated loan intended to finance 85% of the value of the contract made by the Ecuadorian company with INTER RAO UES must be drawn down within four years. The Ecuadorians will repay the principal amount of the loan for the next seven years.
The deal implemented by a syndicate of banks (Vnesheconombank, Gazprombank, Gazprombank (Switzerland), Russian Commercial Bank (Cyprus) Ltd, Eximbank of Russia) is backed with a US$ 180m government guarantee of the Russian Federation. Eximbank of Russia acts as arranger, paying agent and security agent.