IDB Brings El Salvador A/B Loan

The IDB has closed on the first part of a $65m A/B loan for El Salvador’s Banco Multisectoral de Inversiones (BMI). The multilateral’s first loan for a financial services firm in the country allows the mid-sized lender to make long-term mortgage and small-business loans. The facility is composed of a $50m 10-year A tranche from the IDB and a B tranche that will undergo a small syndication. The syndicated piece is expected to be 5-7 years and reach about $15m in size. BMI is owned by the Salvadorian central bank. IDB officials tell LatinFinance that a similar transaction that adds a subordinated piece to the A tranche is also being prepared for another CentAm financial services institution. The IDB is also readying a loan for Costa Rican state utility ICE featuring an $180m A tranche and $200m B tranche with Citi as lead arranger.