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Ecuador Bottler Caps Securitization
Ecuador Bottling Company, a unit of Coca-Cola, has raised $32m in the local market through a securitization of sales receivables. A 1-year $5m tranche pays 6.50%, a 3-year $11m piece pays 7.75%, and a 5-year $16m piece pays 8.75%, according to a term sheet. The issuance, sold on both the Quito and Guayaquil stock exchanges, is rated AAA by Pacific Credit Rating. Produvalores, the brokerage arm of Produbanco, managed the sale. The deal follows a $30m securitization of retail auto loans by GMAC’s local arm, placed on September 11, paying 8.00% for a 2-year piece and 9.25% for a 4.5-year piece.
