Argentina’s Natural gas pipeline company borrows $55 mn from Itaú

Transportadora de Gas del Norte (TGN), the second-largest natural gas pipeline operator in Argentina, has signed a two-year, $55 million loan from the Nassau branch of Itaú Unibanco at a rate of 1.75% per year. TGN set up a global bond program in June for a maximum of $600 million to finance investments, working capital and debt refinancing. It also comes as the government launched a three-year plan to boost production, reduce imports and gradually increase exports, which will increase the use of pipeline capacity.