Ecuadorian agribusiness conglomerate, Favorita Group, has closed on a US$102 million, four-year syndicated loan from Banco Lantinoamericano de Comercio Exterior (Bladex).

 

The loan was initiated in June, and was led by Bladex, but included support from 10 additional banks, of which, six are new to Favorita. Bladex kept US$20 million, and tickets from the remaining banks including Metrobank, Banco Aliado, St. Georges Bank, Bancaribe Curacao, Global Bank, Banco BHD Leon, Banco Panama, Lafise, Multibank, and Tower Bank ranged between US$5 million and US$15 million.

 

The financing marks the largest transaction carried out by Favorita, which in involved in a diversified range of agricultural activities including bananas, dairy, and fertilizer, and will be used to improve the group’s debt maturity structure.

 

“The success of this syndicated loan demonstrates the attractiveness of Favorita’s business model to a wide investor base and reinforces the confidence of our traditional financing partners which continue believing in our company,” said Favorita chairman, Rafael Wong. This facility will allow us to improve our overall financing structure and provide a platform to achieve our business goals over the medium term.”