Copeinca Halts Syndication

Lead banks participating in a $185m 5-year loan at 350bp over Libor to Peruvian fishing company Copeinca, have decided to keep the entire sum on their books because of a series of acquisitions the company is considering which would complicate the syndication. Lead arranger Credit Suisse, and MLAs BBVA, WestLB and Glitnir, the Icelandic commercial bank, have formed a club and will not be syndicating out the loans until Copeinca’s M&A activity quiets down. Bankers who received invitations for general syndication expressed annoyance at the sudden change of plans, which left them without a piece of the attractively priced loan. More financing from Copeinca may come further down the road, say bankers.