Exalmar Nears Finish Line

Peru’s Pesquera Exalmar is expected to close a $140m 6-year loan next week, with a total of 7 banks heard likely to participate. The loan is offering a margin of Libor+390bp on the senior secured term loan. Leads are offering fees of 100bp for ticket sizes of $10m-$19.9m, 125bp for $20m-$20.9m and 150bp for $30m plus. There was also an early bird incentive fee of 15bp for institutions that participated within the first 2 weeks. The loan is secured by insurance policies and export receivables and proceeds are going to refinance debt, including a similarly structured $80m loan, as well as capex and working capital. The loan will be paid in 16 equal quarterly payments staring in year 2, with a final lump sum payment on maturity equal to 15% of the entire loan. The deal is being led HSBC, Santander and WestLB.