PANAMA CITY, Jan. 17, 2020 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the "Bank";
NYSE: BLX) announced today the successful closing of a US$91 million 3-year senior unsecured syndicated
loan (the "Facility") for GMG Holding S.A. and subsidiaries
("Grupo Monge" or the "Group").
Bladex was the Sole Lead Arranger and Bookrunner, as well as the
Administrative Agent for the Facility.
Established in Costa Rica in
1974, Grupo Monge is one of the two
largest integrated durable goods retailers and consumer finance
providers in Central America, with
544 stores across 6 countries: Costa
Rica, Guatemala,
Honduras, Nicaragua, El
Salvador, and Peru.
The Group is 100% owned by the Monge family and is led by a
seasoned management team and a sophisticated board of directors
with extensive experience in the banking and retail industries.
The deal constitutes the second international syndicated
facility led by Bladex for Grupo
Monge. Proceeds from the facility will be used to
refinance Grupo Monge's existing
indebtedness and extend the Group's debt maturity profile.
The transaction attracted the interest of 14 financial
institutions from Central America,
the Caribbean and Europe, of which some represent new banking
relationships for Grupo Monge.
The deal was oversubscribed, allowing the Group to upsize the
facility amount to US$91 million.
Gaston Monge, Chief Executive
Officer of Grupo Monge commented:
"We are very satisfied with this new transaction arranged by
Bladex, a strategic partner of our group. Their deep understanding
of our business model has brought to us resources from banks that
have contributed to strengthening our financial position. The new
syndicated loan generates additional value to us in this
direction."
Alejandro Jaramillo, Chief
Commercial Officer of Bladex, stated: "Bladex is very pleased to
close a second syndicated loan for Grupo
Monge, providing the Group access to medium-term funding and
new banking relationships. The success of this Facility attests to
Grupo Monge's solid track record and
experience."
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 (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:
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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content:http://www.prnewswire.com/news-releases/bladex-leads-successful-syndication-of-a-us91-million-3-year-senior-unsecured-term-loan-facility-for-grupo-monge-300988544.html
SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)