PANAMA CITY, Jan. 16, 2020 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. ("Bladex" or "the Bank";
NYSE: BLX) announced the closing of a US$110
million, seven year, syndicated loan in favor of Favorita
Fruit Co. Ltd. ("Favorita"), a leading Ecuadorian agribusiness
conglomerate with diversified business activities including
bananas, dairy, and fertilizers.
Bladex acted as Sole Lead Arranger and Bookrunner of the
transaction and will be acting as the Administrative and Collateral
Agent.
The loan was launched in November and received strong support
from several financial institutions based in Panama, Central
America, and the Caribbean.
Proceeds of the loan will be used to improve the company's debt
maturity profile and finance its ongoing expansion. The loan was
1.4 times oversubscribed, which allowed Favorita to upsize the
facility amount to US$110 million
from its original target of US$80
million.
This transaction marks the third syndicated facility arranged by
Bladex for Favorita, following a US$70
million senior term loan facility successfully closed in
2017, and a US$102 million senior
term loan facility closed in 2015.
Felipe Suarez, Bladex's Head of
Loan Structuring and Distribution, stated: "We are very pleased
with the structuring and syndication of the third international
loan facility for Favorita. It provides long term financing and
strengthens our client's banking relationships."
Vicente Wong, Favorita's CEO,
commented: "We value the continuous support to our business
initiatives provided by the syndicate of banks which for several
years have trusted in our management capabilities. This
transaction will help Favorita to further develop our
infrastructure, penetrate new markets and increase productivity for
our next stage of growth."
Bladex, a multinational bank originally established by the
central banks of Latin-American and Caribbean countries, began operations in 1979
to promote foreign trade and economic integration in the Region.
The Bank, headquartered in Panama,
also has offices in Argentina,
Brazil, Colombia, Mexico, the United
States of America, and a license of representation in
Peru, supporting the regional
expansion and servicing its customer base, which includes financial
institutions and corporations.
Bladex is listed on the NYSE in the
United States of America (ticker symbol: BLX), since 1992,
and its shareholders include: central banks, state-owned banks and
entities representing 23 Latin American countries, commercial banks
and financial institutions, and institutional and retail investors
through its public listing.
For further information, please access Bladex's website at
www.bladex.com or contact:
Felipe Suárez - SVP,
Head of Loan Structuring & Syndications
E-mail: fsuarez@bladex.com Tel.: (+507) 210-8594
Head Office Address: Torre V, Business Park, Avenida La
Rotonda, Urb. Costa del Este,
Panama, Republic of Panama
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)