Company: TCMFF
Filing Date: 2025-08-12
Form Type: 6-K
Source: 0001104659-25-076939
Chunk: 17

Company: TELECOM ARGENTINA SA
Filing Date: 2025-08-12
Form: 6-K
Chunk 17
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 one installment at maturity date | Variable annual rate: SOF 3 months | Between 4.00% and 7.00% | Quarterly basis |
| Bilateral loan (2)  | US$          |           200 |              66 | Between 02/2028 and 02/2030 | Semiannually from 02/2028           | Variable annual rate: SOF 3 months | 4.00%                   | Quarterly basis |

| (1) | An unsecured syndicated loan granted                                                               
 by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A. |

| (2) | An unsecured bilateral loan granted                                                       
 by Industrial and Commercial Bank of China (Argentina) S.A.U., governed by Argentine law. |

On May 29, 2025 the Company applied proceeds from
Notes Series 24 to: (i) prepay a principal amount equal to US$650 million and interest equal US$0.3 million under the Syndicated Loan
(equivalent to $782,177 million in current currency as of June 30, 2025) and, (ii) prepay a principal amount equal to US$134 million and
interest equal to US$0.1 million under the Bilateral Loan (equivalent to $161,002 million in current currency as of June 30, 2025). As
of June 30, 2025 the outstanding balance of these loans amounts to $433,897 million.

These loans establish, among other provisions,
the obligation to comply with certain financial ratios, which are calculated based on contractual definitions, on a quarterly basis, along
with the presentation of the Company’s consolidated financial statements: i) “Net Debt/EBITDA” and ii) “EBITDA/Interest
Net”.

<div align='center'>F-22</div>

| TELECOM        
 ARGENTINA S.A. |

| c) | Compliance with covenants |

As of the date of issuance of these unaudited condensed
consolidated financial statements, the Company complies with: a) the EBITDA/ Interest Net ratio and b) the Net Debt/EBITDA ratio established
in the loan agreements in force as of June 30, 2025, and is also in compliance with the rest of the covenants established.

NOTE 8 – INCOME TAX AND DEFERRED INCOME TAX