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Chile's lands $140 mln loan from World Bank's IFC

Thu Sep 25, 2008 7:51pm EDT

SANTIAGO, Sept 25 (Reuters) - Chile's Cencosud, one of Latin America's largest retailers, said on Thursday it secured a $140 million loan from the World Bank's private sector investment arm to refinance debt of the company's Argentina subsidiary.

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The loan from the International Finance Corp (IFC) is for eight years at a rate of Libor plus 1.4 percent and is backed by a guarantee from the company's headquarters in Chile.

"This loan will help us consolidate our leadership in Argentina and strengthen our finances in the neighboring country, reducing our short-term debt levels to minimum levels," Chief Executive Laurence Golborne said in a statement.

Santiago-based Cencosud CEN.SN has operations in Argentina, Brazil, Chile and Peru. The company runs supermarkets, department stores and stores that sell housewares and construction materials. (Reporting by Manuel Farias; Writing by Kevin Gray; Editing by Gary Hill)

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