Mibanco Syndication Heads Moving Along

The syndication of a $30m B-loan for Mibanco, a Peruvian microfinance institution, is heading to the finish line, with a number of commitments for the relatively small tickets it is offering. The 3-year amortizer has a 1-year grace period, giving it a 2-year average life. It pays 150m over Libor and participants can expect fees of 60bp for a $5m ticket and 50bp for a $3m ticket. The IFC, which has joint books on the B-loan with Wachovia, extended a $29m bilateral A loan in June of 2006 to Mibanco. One of the main purposes of the deal, apparently the first international syndication for a microfinance institution, is to give it access to new banking relationships.