Honduran bank Banco Financiera Comercial Hondurena (Ficohsa) is in talks with several local banks to syndicate a $35m 10-year loan to finance the second phase of the Honduran Bahia de Tela resort, says Javier Atala, Ficohsa’s general manager and executive vice president. He tells LatinFinance that the USD-denominated loan should have an interest rate of about 8% and that he expects to invite multilaterals Cabei and the IFC to participate. Atala expects the first loan disbursement to happen in Q1 2011. The project, 51% owned by local investors and 49% government owned, will include a golf course, residential areas and a 5-star, 120-room hotel. Atala says Bahia de Tela is in talks with hotel chains Westin and Hilton and a US-based hotel management company about flagging the hotel. A decision on which flag the hotel will carry should be made next month, he says.
Category: Loans
Guatemala Gets IDB Loan
The IDB has approved loans worth $250m for Guatemala to enhance the government’s capacity to mitigate climate change. The financing consists of a $213.20m, 20 year loan with a variable interest rate based on Libor, a $29.40m, 30-year loan with a fixed interest rate, and a 40-year $7.40m concessional loan with a 0.25% annual interest rate.
CFE to Launch $2bn Syndication
Mexico’s CFE is launching syndication of a $2bn 3.5-year term loan at meetings Thursday in New York and November 8 in Mexico City, say bankers. The loan will pre-fund a $1.7bn revolver maturing in May 2011. BAML, BBVA, BNP Paribas, Bank of Tokyo, Citi, Intesa, RBS and Santander are bookrunners on the deal for Mexico’s federal electricity commission. Pricing is heard at 130bp over Libor, according to bankers away from the deal. Pemex recently priced a 3-year tranche on a $3.25bn loan at Libor plus 125bp and a slight pickup had been expected for the extra duration. Terms and fees are still being discussed, so final deadlines for commitments and signing have not been set, say bankers. However, a banker on the deal says CFE must close the transaction before December 9, as this is when the rate on the outstanding facility re-sets. Commitments would be expected a couple of weeks before then, in time for signing by that date.
Price Heard on Itau Chile Loan
Banco Itau Chile is offering Libor plus 90bp on a 2 year $150m term loan facility, according to bankers not on the deal. Credit Agricole and BNP Paribas are the leads on the transaction, with the banks meeting set for Wednesday. Bankers away from the deal expect proceeds of the loan to go toward general corporate purposes. Two bankers say pricing seems a little tight, compared to the loans of other Chilean financial institutions with substantially larger market shares. In August, Santander Chile received a $175m syndicated loan from 8 banks, including 3 Taiwanese participants. The 18 month facility priced at Libor plus 80bp. Chile’s Corpbanca also closed a $167.5m 2 year loan in August. Pricing was on a ratings grid, out of the box at 95bp for BBB+.
Best Bank – Argentina
Santander Río’s strength in retail contributes significantly to it being the most profitable private financial institution in Argentina, says Guillermo Glattstein, strategic planning manager at the bank.
Best Bank – Peru
In the April-June period, Banco de Crédito Del Peru (BCP) achieved some of its best quarterly results to date, supported by a strong reactivation of the Peruvian economy.
Best Bank – Venezuela
Mercantil Banco Universal has been expanding its loan portfolio, which has led to year-on-year growth despite a economic contraction and slow liquidity growth in Venezuela.
Best Bank – Panama
Banco General takes top prize for Panama for the second year in a row.
Best Bank – El Salvador
El Salvador’s Banco Agrícola, part of Colombia’s Bancolombia since 2007, is expected to end this year with results that compare favorably with those obtained at the end of 2009, says Fitch, which has an AA+ (stable) local rating on the bank.
Best Bank – Dominican Republic
Banco de Reservas has shrugged off macroeconomic weakness in the Dominican Republic caused by the global financial crisis and continues to grow.