IIC, Banco Santander, and Standard Chartered launch Banco Daycoval S.A. syndication
11/03/2010Washington, D.C. - On October 20, 2010, the Inter-American Investment Corporation (IIC), together with Banco Santander and Standard Chartered as joint mandated lead arrangers, formally launched the syndication of Banco Daycoval S.A. The operation is part of a US$100 million A/B loan approved by the IIC that consists of a US$15 million A loan to be provided by the IIC and an US$85 million B loan to be provided by potential participants, including Banco Santander and Standard Chartered.
The proceeds from the IIC loan and those obtained through the syndication will be used for financing small and medium-size enterprises that are clients of Daycoval. The IIC is interested in increasing its presence in the syndication market using the A/B loan structure, considering it an effective tool for attracting international financing to the region from financial intermediaries, under terms that are favorable for investing in the SME segment.
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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
Contact: Juan Eduardo Zuluaga
Telephone: (202) 623-3812