Banco Latinoamericano de Comercio Exterior, S.A. ((", Bladex", or ", the Bank", , NYSE:BLX) announced the recent closing of a US$100 million three-year syndicated facility (the "Facility") in favor of the Guatemalan bank Banco Promerica, S.A. ("Banco Promerica Guatemala" or the "Bank"). Bladex was the Sole Lead Arranger and Bookrunner, and Administrative Agent for the Facility.
Banco Promerica Guatemala is one of the main subsidiaries of Promerica Financial Corporation ("PFC Group"), a leading financial banking group in Central America with operations in Panama, Guatemala, Costa Rica, Honduras, El Salvador and Honduras, as well as in the Dominican Republic, Ecuador and Cayman Islands. The Bank is a full-service financial institution with the leading credit card issuance in the region.
The deal constitutes the biggest international syndicated facility arranged yet, for Banco Promerica Guatemala and the 4th for the PFC Group. Bladex previously co-led the financing of PFC's acquisition of the Guatemalan banking operations in 2017.
The transaction attracted the interest of 13 financial institutions from Europe, Central America, South America and the Caribbean, of which 11 of them represent new banking relationships for the Bank. Proceeds from the Facility will be used to finance support the growth of its loan portfolio and refinance short term debt.