Holland & Knight Advises Chilean Auto Financer on $168 Million Syndicated Loan from Bladex
BOGOTÁ (April 19, 2022) – Holland & Knight represented Forum Servicios Financieros S.A., a wholly-owned subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), as the borrower of a $167.5 million dual tranche senior unsecured syndicated loan from Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), including increased commitments. The loan, which was funded in part on Feb. 15, 2022 and in full on March 30, 2022, consists of a $78 million senior unsecured 3-year Tranche A Loan and a $89.5 million senior unsecured 4-year Tranche B Loan.
The transaction attracted the participation of financial institutions from Central and South America, the Caribbean, Europe, Asia and the United States, many of which represent new banking relationships for Forum. There was a significant oversubscription, which allowed the company to upsize the facility amount to $167.5 million from its original target of $70 million.
Established in 1993, Forum is the leading player in the auto-financing industry in Chile. The company provides loans and auto leases for the purchase of vehicles (light and heavy) and motorcycles. BBVA is a Spanish multinational financial services company and one of the largest financial institutions in the world. It is based in Madrid and Bilbao, Spain.
Bladex is a supranational bank established by the central banks of Latin American and Caribbean countries to promote foreign trade finance and economic integration. It acted as sole lead arranger and bookrunner for the facility.
The Holland & Knight team advising Forum was led by Partner Norberto Quintana. He was assisted by Associates Alex Weaver and Priscila Sterenberg.