Bladex successfully leads the fourth syndication for Favorita Fruit
Panama City, Republic of Panama, October 31, 2022 - 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:
Felipe Suarez – SVP, Head of Loan Structuring & Syndications
E-mail address: firstname.lastname@example.org
Head Office Address: Torre V, Business Park, Ave. La Rotonda, Urb. Costa del Este,
Panama, Republic of Panama