Chemical Banking Corp. and Dresdner Bank are leading a $150 million loan to the telecommunications company Telefonica de Argentina.

The telephone company said this would be the first such loan to an Argentine company in 15 years.

Telefonica had planned to take out a credit for $100 million, but offers from the 19 bank group members for more than $200 million prompted the increase.

The credit will carry an interest rate equivalent to the 180-day London interbank offered rate, plus 2.5 percentage points the first year, 2.875 percentage points the second year, and 3.5 percentage points the third year.

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