June 3, 2002 – Santiago, Chile.
Quiñenco S.A. (LQ:NYSE) informed today that its wholly-owned subsidiary, LQIF, had prepaid a two-year note granted by the ex – controlling shareholders of Banco de Chile, originally scheduled to become due in March of 2003.
The obligation, which was incurred as part of the financing of Banco de Chile share acquisition in March of 2001, had an initial face value of UF12,437,783 (equivalent to US$333.5 million on the transaction date), guaranteed by a pledge on the shares acquired in the transaction.
LQIF has fully prepaid the note by replacing it with permanent long-term financing obtained by local and international financial institutions. Credit final maturities including bonds range between three and twenty years.
Quiñenco S.A., one of Chile’s leading business conglomerates, is the controlling entity of a portfolio of companies involved in financial services, food and beverage, telecommunications, manufacturing and real estate and hotel administration.