April 10, 2003 – Santiago, Chile.
Quiñenco S.A. (LQ:NYSE) informed the Superintendency of Securities and Insurance (SVS) today that its wholly-owned subsidiary, Hidroindustriales Overseas Company, had obtained a US$19 million loan from Andsberg Finance Corporation Ltd., a financial entity organized under the laws of Bermuda, related to Quiñenco’s controlling shareholder, Mr. Andrónico Luksic Abaroa.
The loan, which was carried out at arms’ length and is in line with current market conditions in Chile, matures in April of 2006 and bears an annual interest rate of LIBOR + 1.83%. The loan is not guaranteed by collateral and contains terms and conditions similar to those normally undertaken by the Company in existing credit agreements.
Quiñenco S.A., a leading Chilean business conglomerate, is the controlling entity of a portfolio of companies involved in financial services, food and beverage, telecommunications, manufacturing and real estate and hotel administration.