Grupo Phoenix Completes Loan

Colombian packaging maker Grupo Phoenix has closed a 5-year, $190m multi-currency senior secured term loan, LatinFinance understands. The facility pays Libor+400bp, and was led by joint lead arrangers Credit Suisse and JPMorgan. The transaction was said to receive 2x demand and brings in new relationships for the borrower, which has operations in the US, Mexico and Venezuela. It initially offered Colombian peso and US dollar tranches, before adding a Mexican peso tranche. Joining as MLAs are Sumitomo Mitsui, Scotia, Bladex, Davivienda, Bancolombia, and Banco de Bogota. Managers are Banco General Panama, Credicorp (BCP), Bank United of Florida, Citi and Banco de Occidente. The deal’s key selling points were the excluding of the borrower’s Venezuela risk and the matching of currencies, say people familiar with the deal. Phoenix, which counts coffee capsules and yogurt cups among its main products, is raising proceeds to refinance debt and fund Capex.