Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 39

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 3
Chunk 39
---
ants”.

​
​

PART I - ITEM 3 KEY INFORMATION   TELECOM ARGENTINA S.A.
--------------------------------------------------------

We may be adversely affected by fluctuations in interest rates.
We are exposed to the fluctuations of interest rates applicable to our indebtedness indexed to variable interest rates. See Note 26 to our Consolidated Financial Statements. We may also incur additional variable-rate debt in the future. Increases in interest rates on variable-rate debt would increase the Company’s interest expense, which would negatively affect our financial costs and cash flows.
We may be unable to refinance our outstanding indebtedness, or the refinancing terms may be materially less favorable than their current terms, which would have a material adverse effect on our business, financial condition, results of operations and cash flow.
As of December 31, 2024, our total indebtedness, including accrued interest, was P$2,878,004 million, which represents a 37.9% decrease compared to our total indebtedness, including accrued interest, as of December 31, 2023. 71.3% of our debt is scheduled to mature in the next three years, including 37.3% scheduled to mature in 2025. For more information, see “Item 5—Operating and Financial Review and Prospects—Liquidity and Capital Resources —Borrowings Developments during 2024”.
There is no assurance that we will be able to extend the maturity or otherwise refinance our outstanding indebtedness, or that we may be required to agree to refinancing terms that may be materially less favorable than the terms of our current loans and notes. Any amendment to or refinancing of our indebtedness could result in higher interest rates and may require us to comply with more burdensome restrictive covenants, which may have a material adverse effect on our business, ability to meet our payment obligations, financial condition, and results of operations.
If we are unable to refinance our debt in favorable terms, we may be forced to reduce or delay capital expenditures or research and development expenditures, seek additional equity capital, restructure our debt, curtail or eliminate our cash dividend to stockholders, or sell assets. Non-payment of our obligations or any other default under any of our debt instruments could, in turn, result in a default and acceleration of our other outstanding debt obligations, which would have a further material adverse effect on our business, ability to meet our payment obligations, financial condition, and results of operations. See “—Risks Relating to Argentina—