Bladex Acts as Joint Lead Arranger and Bookrunner for Interceramic US$665mm Syndicated Loan Facility

Rhea-AI Summary

Bladex (NYSE: BLX) announced the successful structuring of a US$665 million syndicated loan for Interceramic, a leading ceramic tile producer. The facility includes a US$600 million 12-month tranche and a US$65 million revolving line for 3 years. The loan will finance share repurchase and delisting from the Mexican Stock Exchange, as well as early repayment of an existing loan. The transaction, oversubscribed by 1.4 times, involved over 12 Mexican and international banks. This marks Bladex's sixth syndicated loan in Mexico, contributing to over 78 structured transactions in Latin America.

Positive

• Successful structuring of a US$665 million syndicated loan.
• Facility includes a US$600 million 12-month tranche and a US$65 million revolving line for 3 years.
• Oversubscribed by 1.4 times the loan amount.
• Participation from more than 12 Mexican and international banks.
• Sixth syndicated loan led by Bladex in Mexico.
• Contributes to over 78 structured transactions in Latin America.

Negative

• Funds will be used to delist Interceramic from the Mexican Stock Exchange, potentially reducing market liquidity for the company’s shares.

PANAMA CITY, June 27, 2024 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior ("Bladex", or "the Bank", NYSE: BLX) announced today the successful structuring of a syndicated loan for US$665 million, consisting of a US$600 million tranche for 12 months and a US$65 million revolving line for 3 years (the "Facility") for Internacional de Cerámica, SAB de CV. ("Interceramic" or "the Company"). Bladex acted as Joint Lead Arranger and Bookrunner along with other financial institutions that participated in the transaction.

Established in 1979 in Chihuahua, Mexico, Interceramic is a leading company dedicated to the production and commercialization of glazed ceramic tiles for floors and walls, as well as complementary related products in Mexico, the United States, Guatemala, and China. Interceramic distinguishes itself from its competitors by being the leader in quality, innovation, and service of ceramic products, offering the public an extensive range of high-quality products that feature the most innovative designs and models on the market.

The funds from the facility will be used to finance the repurchase of shares through a Public Tender Offer (OPA in Spanish), to delist the company from the Mexican Stock Exchange. Additionally, the funds will be used for the early repayment of a syndicated loan that the company currently has in place.

The transaction was oversubscribed 1.4 times the loan amount and received final participation from more than 12 Mexican and international banks.

Jorge Guemez, Country Manager of Bladex Mexico, stated: "Bladex is very pleased to have successfully executed the international syndicated loan for Interceramic, which provides the Company with the necessary funds to finance the share acquisition and thus delist it from the Mexican Stock Exchange. This transaction represents the sixth syndicated loan led by Bladex in Mexico and contributes to the credentials of more than 78 structured transactions in Latin America, highlighting the Bank's distribution capacity as well as its access to a wide network of regional and international financial institutions."

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, initiated operations in 1979 to promote foreign trade finance and economic integration in the region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations. Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.

For further information, please contact:

Bladex:
Felipe Suarez – SVP, Head of Loan Structuring & Syndications
E-mail address: fsuarez@bladex.com
Head Office Address:  Torre V, Business Park, Ave. La Rotonda, Urb. Costa del Este,
Panama, Republic of Panama

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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

FAQ

What is the value of the syndicated loan facility structured by Bladex for Interceramic?

The syndicated loan facility structured by Bladex for Interceramic is valued at US$665 million.

What are the components of the US$665 million loan facility for Interceramic?

The loan facility consists of a US$600 million tranche for 12 months and a US$65 million revolving line for 3 years.

What will the funds from the Interceramic syndicated loan be used for?

The funds will be used for share repurchase through a Public Tender Offer, delisting from the Mexican Stock Exchange, and early repayment of an existing syndicated loan.

How many banks participated in the Interceramic syndicated loan?

More than 12 Mexican and international banks participated in the Interceramic syndicated loan.

What is Bladex's stock symbol?

Bladex's stock symbol is BLX.