The facility was secured by liquid deposits from Corp. Favorita in Ecuadorian banks.
Corp. Favorita is an Ecuadorian company which sells mass consumer products through its network of more than 150 supermarkets (Supermaxi, Megamaxi, Aki, Gran Aki, Super Aki, Jugueton, Supersaldos and Titán) located throughout the country’s provinces. It has over $1.9 billion in sales and $1.6 billion in total assets.
The loan was structured as a club deal, with Bladex joined by Banco General and Grupo Promerica as joint lead arrangers.
Proceeds from the facility were used to support Corp. Favorita’s cross border acquisition for a majority interest in Rey Holdings, the holding company owner of supermarket chains, convenience stores and pharmacies in Panama, generating over $700 million in sales.
Founded in 1979 and headquartered in Panama, Bladex was originally established by the central banks of Latin-American and Caribbean countries to promote foreign trade and economic integration in the region.