PANAMA CITY, Feb. 7, 2019 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the
"Bank") today announced the successful closing of a
US$131.5 million senior Acquisition
Finance bridge facility (the "Facility" or the "Loan") for
Corporación Favorita C.A. ("Corp. Favorita" or the "Borrower"). The
Facility was secured by liquid deposits of the Borrower in
Ecuadorian banks.
Corp. Favorita is a leading Ecuadorian Company, with over
US$1.9 billion in sales and
US$1.6 billion in total assets. The
Borrower is primarily engaged in the sale of mass consumer products
through its network of more than 150 supermarkets (Supermaxi,
Megamaxi, Aki, Gran Aki, Super Aki, Jugueton, Supersaldos and
Titán) located throughout the country's provinces.
The Loan was structured as a club deal between Bladex, Banco
General and Grupo Promerica, acting together as Joint Lead
Arrangers. Bladex is also the Administrative Agent under the
Facility.
Proceeds of the Facility were used to support Corp. Favorita's
cross border acquisition for a majority interest in Rey Holdings
Corp., a holding company owner of supermarket chains (Rey, Romero
and Mr. Precio), convenience stores (ZAZ), and pharmacies (Metro
Plus) in Panama, generating over
US$700 million in sales.
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, Peru,
and the United States of America,
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 (NYSE: BLX), since 1992, and its
shareholders include: central banks and 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 on Bladex, please access its website at
www.bladex.com or contact:
Mónica Cosulich – VP, Finance and Investor Relations
E-mail address: ir@bladex.com Tel.: (+507) 210-8563
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)