We advised IDB Invest on a loan of up to US$700 million granted to POSCO Argentina to finance its lithium operations in Argentina
POSCO Argentina S.A.U. and POSCO Argentina S.A.U., Sucursal Dedicada, a single-purpose project vehicle qualifying under Argentina’s Incentive Regime for Large Investments (Régimen de Incentivo para Grandes Inversiones or RIGI), obtained short-term revolving financing of up to US$700,000,000 from IDB Invest. The financing consists of a Loan A of up to US$250 million and a Loan B of up to US$450 million, to be used to finance the “Sal de Oro II” project, comprising the construction and operation of a lithium carbonate plant located in the Salar del Hombre Muerto, in the provinces of Salta and Catamarca. POSCO Holdings Inc., a company organized under the laws of the Republic of Korea, is acting as guarantor of the borrowers’ obligations under the financing.
Legal Advisor to POSCO
Vicente José Arias, Argentine legal advisor to POSCO.
Legal Advisors to IDB Invest
Bruchou & Funes de Rioja advised IDB Invest as to Argentine law, through a team led by partner Analía Battaglia and associate Lucía De Luca. Partner Daniela Rey and tax associate María Cecilia Calosso also took part in the deal.
IDB Invest was also advised by Julieta Moreno, lead counsel for the multilateral institution’s legal team.
A&O Shearman advised IDB Invest as to New York law, through a team led by partner Sami Mir and associates Pedro de Elizalde, Vicky Cheng and Henry Nowland.
Lee & Ko advised IDB Invest as to Korean law, through a team led by partners Kwangyul Kim, Jungmin Pak and Lachlan Barth.
