PANAMA
CITY, Nov. 1, 2022 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the
"Bank"; NYSE: BLX) announced today the successful closing of
a US$130 million 7-year Senior
Secured Amortizing Facility (the "Facility") for Favorita
Fruit Co. Ltd. ("Favorita" or the "Company").
Bladex acted as Sole Lead Arranger and Bookrunner and shall
act as the Administrative Agent for the Facility.
Favorita Fruit Co. Ltd., through its subsidiaries, is one of the
largest agricultural companies in Ecuador. The Company is engaged in the
following sectors: (i) production and export of bananas, (ii)
import and distribution of agricultural inputs, and (iii)
production, processing, and distribution of dairy products. Other
businesses segments of the Company include aerial fumigation
services, forestry, plastic packaging production, port services,
and cultivation of palm and its byproducts.
Ecuador is the largest exporter
of bananas in the world, accounting for approximately 34% of global
banana exports. Reybanpac, Favorita's flagship subsidiary, is the
second largest exporter of bananas in Ecuador and is responsible for around 7% of
aggregated Ecuadorian banana exports.
The deal constitutes the fourth international syndicated
facility for Favorita since 2015. Proceeds from the Facility
will be used for capex investments and repayment of existing
indebtedness. The syndicated transaction attracted commitments of
from 11 financial institutions from Central America and Caribbean region, of which many represent new
banking relationships for Favorita.
Vicente Wong, Favorita's
CEO, stated: "This new transaction makes an important contribution
to the sustainable growth of our company. We value the continuous
support of financial institutions, which reflects the trust placed
in our business management and corporate vision."
Carlos De Alvear, Bladex's Head
of South America and Mexico, stated: "Bladex is very pleased to
have successfully executed the 4th syndicated loan for Favorita and
to continuously support Favorita's growth plans while securing a
long-term financing. This transaction marks the strong
relationship, established in 2005, and is a landmark transaction
for Ecuador. The Facility is a
clear demonstration of Bladex's structuring and distribution
capabilities which is qualified to raise funds and access a wide
network of financial institutions. Favorita's syndicated Facility
add to our credentials of over 65 transactions arranged in
Latin America".
Bladex, a multinational bank originally established by
the central banks of Latin-American and Caribbean countries, initiated operations in
1979 to promote foreign trade finance and economic integration
in the region. The Bank, headquartered in Panama, also counts with offices in
Argentina, Brazil, Colombia, Mexico, 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, please contact:
Bladex:
Felipe
Suarez – SVP, Head of Loan Structuring &
Syndications
E-mail address: ir@bladex.com
Head Office Address: Torre V, Business Park, Ave. La Rotonda,
Urb. Costa del Este,
Panama, Republic of Panama
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)