Peru’s Pesquera Diamante Launches $165m Financing

Peruvian fishing company Pesquera Diamante has launched a $165m 5-year loan at Libor plus 350bp, via Citi. The deal is being shopped to MLAs. The proceeds are being used to fund acquisitions, much in the same way another fishing company, Copeinca, used the proceeds of a recent $195m Libor plus 350bp loan, to scoop up smaller competitors. Executives close to Diamante, however, say the use of proceeds is very clearly delineated in this deal, unlike their competitor’s financing, which changed course midstream thanks to a series of new purchases, preventing a full syndication of the loan despite earlier plans to do so.