Banco Latinoamericano de Comerci Ext SA (NYSE:BLX) Leads Negotiation For $59 Million

Banco Latinoamericano de Comerci Ext SA (NYSE:BLX) Leads Negotiation For $59 Million

For the second time in two years, Banco Latinoamericano de Comerci Extr SA (NYSE:BLX) has successfully led negotiations for Banco Aliado, this time closing a $59 million, 3-year senior unsecured syndicated loan facility.

The transaction attracted financial institutions from China, Switzerland, Curacao, Tobago, Trinidad, and the United States of which some represent new relationships for Banco Aliado.

Banco Aliado is the fourth largest bank in Panama in terms of consolidated assets and net loan portfolio. The bank is 100% owned by Grupo Aliado entrepreneurs with extensive experience in the local and foreign trade.

The amount of credit under the new deal was increased to $59 million from the original target of $50 million. Proceeds collected from the facility will support the growth of Banco Aliado’s loan portfolio.

The success of this transaction showcases continued growth in the Latin American syndicated loan space and the access it has to an extensive network of regional and international financial institutions.

In other news, Banco recently announced that it had filed its annual report on for the fiscal year ended December 31, 2015, with the U.S. Securities and Exchange Commission.

Bladex also announced a third bond insurance in Mexico for 1.5 Mexican Pesos. The notes had a three year tenure with a floating-rate coupon of 28 days. A diverse investor base that included insurance, pension funds, commercial banks, companies, and brokerage firms subscribed in this transaction.

Mr. Christopher Schech, The Executive Vice President and Chief Financial Officer of Blade, noted that they were pleased to announce their third public issuance. He pointed out that they would deploy these funds to continue trade support throughout the region, especially in the Mexican market.