Bladex Leads Successful Syndication Of A US$101.5 Million Senior Dual-Tranche Facility For CrediQ

Rhea-AI Summary

Banco Latinoamericano de Comercio Exterior (Bladex) announced the successful closure of a US$101.5 million senior dual-tranche syndicated loan for Inversiones CrediQ Business in Costa Rica and El Salvador. Bladex served as the Sole Lead Arranger and Administrative Agent for this facility, marking its first international syndicated loan for CrediQ. The loan will support CrediQ's loan portfolio growth and refinance existing debts. The transaction involved interest from 10 financial institutions across Central America, the Caribbean, and South America, establishing new banking relationships for CrediQ.

Positive

• Successful closure of a US$101.5 million syndicated loan.
• Strengthened business relationships with 10 financial institutions.
• Supports CrediQ's growth and operational expansion.

Negative

• None.

PANAMA CITY, Feb. 7, 2022 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the "Bank"; NYSE: BLX) announced today the successful closing of a US$101.5 million senior dual-tranche syndicated loan (the "Facility") for Inversiones CrediQ Business, S.A. and its subsidiaries in Costa Rica and El Salvador ("CrediQ" or the "Company"). Bladex was the Sole Lead Arranger and Bookrunner, as well as the Administrative Agent for the Facility.

Established in 1991, CrediQ is the captive financial arm of GrupoQ, one of the leading vehicle dealerships in Central America with a track record of 70 years and operations in Costa Rica, El Salvador, Honduras, Nicaragua and Guatemala. CrediQ finances the acquisition of vehicles primarily to SMEs and individuals in the middle- and lower-middle-income segments. The Company absorbs over 40% of GrupoQ's vehicle sales.

The transaction constitutes the first international syndicated facility led by Bladex for CrediQ.

The Facility was structured with a senior unsecured short-term tranche and a senior 5-year tranche secured with a portion of CrediQ's loan portfolio. Proceeds of the Facility were used to support the growth of the Company's loan portfolio in Costa Rica and refinance existing indebtedness of its subsidiaries in Costa Rica and El Salvador.

The transaction attracted the interest of 10 financial institutions from Central America, the Caribbean and South America, the majority of which represent new banking relationships for CrediQ and GrupoQ.  

Francis Henríquez, Chief Financial Officer of CrediQ commented: "For CrediQ it is imperative to have a balanced and well diversified liability structure that matches our asset duration, while permitting net interest margin growth in the long-run. The financial solution presented by Bladex fitted with our strategic plans, materialized an opportunity to start new banking relationships, and thus opened new funding frontiers for our companies. We are grateful with Bladex for the successful closing of this syndication, as we look forward to the consolidation of our business model in the Central American region."

Andrea Cuadrado, Vice President of the Loan Structuring and Syndications team at Bladex, stated: "Bladex is very pleased to have successfully supported CrediQ in securing a tailored financing that addresses the Company's short and medium-term needs and diversifies its funding sources through new banking relationships. This transaction marks the fifth syndicated loan led by Bladex for a Latin American Non-Bank Financial Institution (NBFI) in the last two years, accumulating over US$640 million in arranged transactions, which attests to the Bank's deep understanding of the NBFI segment and its strong structuring and distribution capabilities in the Latin American loan syndication space."

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,
Panamá, Republic of Panama

View original content:https://www.prnewswire.com/news-releases/bladex-leads-successful-syndication-of-a-us101-5-million-senior-dual-tranche-facility-for-crediq-301476006.html

SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

FAQ

What is the value of the loan closed by Bladex for CrediQ?

The loan closed by Bladex for CrediQ is valued at US$101.5 million.

When was the loan facility for CrediQ announced?

The loan facility for CrediQ was announced on February 7, 2022.

What is the purpose of the US$101.5 million loan for CrediQ?

The loan is intended to support the growth of CrediQ's loan portfolio and refinance existing debts.

Which countries are benefiting from the loan facility by Bladex?

The loan facility by Bladex benefits operations in Costa Rica and El Salvador.

What role did Bladex play in the loan syndication for CrediQ?

Bladex was the Sole Lead Arranger, Bookrunner, and Administrative Agent for the loan syndication.