By Taos Turner

BUENOS AIRES -- Argentina on Thursday agreed to a deal with six banks to borrow $6 billion in 18-month loans, Finance Minster Luis Caputo said.

The deal, which substantially reduces the country's need to sell bonds this year, provides it with short-term financing at an interest rate equivalent to Libor plus 290 basis points.

The banks include Santander, BBVA Frances, Citibank, Deutsche Bank, HSBC and J.P. Morgan.

"This is very, very positive news for us," Mr. Caputo said.

Write to Taos Turner at taos.turner@wsj.com

(END) Dow Jones Newswires

January 12, 2017 16:04 ET (21:04 GMT)

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