Itau Unibanco Gets SME Loan

Itau Unibanco has closed on a $280m loan, made up of a $40m 5-year A loan from the IIC and a B loan for $240m from a group of banks. The B loan was made up of a $207m 3-year tranche and a $33m 5-year tranche. The 3-year tranche was priced at 120bp over Libor, with a 50bp up-front fee. The 5-year tranche was priced at 150bp over Libor, with a 75bp up-front fee. The loan was upsized by $15m from an original size of $265m, says a banker with knowledge of the transaction. HSBC Bank Bermuda, JP Morgan Chase, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation participated in the B loan, with tickets of up to $50m each. The proceeds will be used to provide financing to the bank’s SME clients and is the largest A/B loan raised by the IIC, it says.