Three Join Exalmar Loan

Banco de Credito Del Peru (BCP), Citigroup and Scotia are all heard signing up to Pesquera Exalmar’s $140m 6-year loan ahead of closing this week. That brings in a total of 6 banks, including leads HSBC, Santander and WestLB. The Peruvian fishery is offering a margin of Libor+390bp on the senior secured term loan. Banks were able to participate with ticket sizes of $10m-$19.9m for fees of 100bp, $20m-$20.9m for 125bp and $30m-plus for 150bp. The loan is secured by insurance policies and export receivables, and proceeds are going toward capex, working capital and debt refinancing, including a similarly structured $80m loan. The loan will be paid in 16 equal quarterly payments starting in year 2, with a final lump sum on maturity equal to 15% of the entire loan.