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

PR Newswire

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

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