Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 44

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 44
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 corresponding to the consolidation of TMA as of March 31, 2025.

Liquidity and Capital Resources

·Sources and Uses of Funds

We expect the main sources of Telecom Argentina’s
liquidity in the short term to be cash flows from Telecom Argentina’s operations and cash flows from financing from third parties,
which may include accessing to domestic and international capital markets and obtaining financing from financial institutions. Telecom
Argentina’s principal uses of cash flows are expected to be capital expenditures, operating expenses, dividend payments to its shareholders,
payments of borrowings and for general corporate purposes. Telecom Argentina expects working capital, funds generated from operations,
dividend payments from its subsidiaries and financing from third parties to be sufficient. Telecom Argentina has accessed the domestic
and international capital markets during 2025 to refinance its outstanding debt, as necessary.

·Borrowings Developments during 3M25

| a) | Bank and other financing entities loans |

The acquisition of TMA, described in Note 16 to the unaudited condensed consolidated financial statements, was financed by Telecom through two loans totaling US$1,170 million (net of issuance costs US$ 1,142 million,equivalent to $1,287,480 million in current currency as of March 31,
2025). Its main characteristics are:

| Entities            | Currency | Principal residual 
      nominal value | Maturity                    
 date                        | Amortization                        | Interest rate                      | Spread                  | Interest        
 payment         
 date            |
| (in millions)       |          |                    |                             |                                     |                                    |                         |                 |
| Syndicated loan (i) | US$      |                970 | 02/2029                     | In one installment at maturity date | Variable annual rate: SOF 3 months | Between 4.00% and 7.00% | Quarterly basis |
| Bilateral loan (ii) | US$      |                200 | Between 02/2028 and 02/2030 | Semiannually from 02/2028           | Variable annual rate: SOF 3 months | 4.00%                   | Quarterly basis |

| (i) | An unsecured syndicated loan granted by Banco                                              
 Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A.. |

| (ii) | An unsecured bilateral loan granted by Industrial                           
 and Commercial Bank of China (Argentina) S.A.U., governed by