Carvajal Launches $200m Dual Currency Loan

Colombian paper and packaging company Carvajal is heard in the market with a $200m 5-year loan denominated in pesos and dollars. A $130m dollar tranche is heard paying Libor plus 162.5bp out of the box at leverage of 2.5x. A $70m COP-denominated portion will pay IPC plus 7.65%, say bankers not on the deal. ABN AMRO has the books and BNP, CITI and JPM are heard to have signed on as MLAs already. Davivienda will also be participating on the local portion, according to bank market sources. The syndication is a relatively infrequent example of a Colombian name in the international market.