IIC Approves Five-Year Revolving Credit Line of up to MX$50 Million for Vinte Viviendas Integrales S.A.P.I. de C.V. in Mexico
Washington, D.C. — On January 10, 2012, the Inter-American Investment Corporation (IIC) approved a five-year revolving credit line of up to MX$50 million for Vinte Viviendas Integrales S.A.P.I. de C.V. ("VINTE") and/or Promotora de Viviendas Integrales S.A. de C.V. ("PVI") in Mexico.
The proceeds will be used to provide the working capital needed for the construction of a number of housing developments. While top priority will be given to low-cost affordable housing, some of the developments will target middle-income families.
In the words VINTE’s general manager, Sergio Leal, "We at VINTE hope this operation marks the beginning of a long-term collaboration with a strategic partner that can help promote and buoy our growth as a company dedicated to the well-being of low- and middle-income families by building sustainable housing and communities." Domingo Valdés, VINTE’s financial manager, added, "We are pleasantly surprised by the talent and professionalism of the IIC team, which was able to quickly design and implement a product tailored to our specific needs and in line with VINTE’s strategy of achieving financial flexibility through long-term revolving credit agreements exclusively with the most reputable of institutions."
According to Rodrigo Navas, the IIC senior investment officer in charge of the operation, "This project is the first local currency financing operation with a Mexican firm since the IIC’s 2011 bond issue. Considering how the construction industry is one of the main drivers of Mexico’s economy, we are expecting a high development impact. In VINTE, we have found a company striving to generate value for Mexican families by building environmentally-friendly housing using best practices."
VINTE is a vertically-integrated housing developer focusing on the low- and middle-income housing markets in Mexico. Its planned community concept provides its customers with strategically placed infrastructure, including roads, schools, shopping centers, and recreational facilities in keeping with the urban design plan, as well as connectivity services, home technology systems, and community development services designed to enhance the quality of life of its residents. VINTE has built more than 10,000 housing units in four Mexican states, primarily in the central part of the country. Its management team has over 21 years of experience in the housing construction industry. For more information, visit www.vinte.com.mx
About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org
Contact: Rodrigo Navas
Telephone: (202) 623-3926