Holland & Knight assists BLADEX on Favorita loan
Holland & Knight has advised the Latin American foreign trade bank BLADEX on a $110 million senior secured syndicated loan for Favorita, an Ecuadorian agribusiness conglomerate with diversified business activities including bananas, dairy and fertilizers.
BLADEX, which acted as administrative agent, collateral agent, sole lead arranger and bookrunner, is a supranational bank established by the central banks of Latin American and Caribbean countries to promote foreign trade finance and economic integration.
Proceeds of the loan will be used to improve the company’s debt maturity profile and finance its ongoing expansion. The loan was 1.4 times oversubscribed, which allowed Favorita to upsize the facility amount to $110 million from its original target of $80 million.
This transaction marks the third syndicated facility arranged by BLADEX for Favorita, following a $70 million senior term loan facility successfully closed in 2017 and a $102 million senior term loan facility closed in 2015. Holland & Knight advised BLADEX on each transaction.
The Holland & Knight team assisting Bladex consisted of partner Stephen Double (pictured) and associate Anthony Rydelek.
Ecuadorian law firm Noboa, Peña, Larrea & Torres and British Virgin Islands law firm Mourant Ozannes acted as co-counsel on the deal.
