Favorita Fruit gets $110 million seven-year loan via Bladex

By Sarah Lizee

Olympia, Wash., Jan. 16 – Favorita Fruit Co. Ltd. obtained a $110 million seven-year syndicated loan with Banco Latinoamericano de Comercio Exterior, SA (Bladex) as lead arranger, bookrunner and administrative agent, according to a press release.

The loan was launched in November, and proceeds will be used to improve the company’s debt maturity profile and finance its ongoing expansion.

The loan was 1.4 times oversubscribed, which allowed Favorita to upsize the facility amount to $110 million from its original target of $80 million.

This transaction marks the third syndicated facility arranged by Bladex for Favorita, following a $70 million senior term loan facility closed in 2017 and a $102 million senior term loan facility closed in 2015.

Favorita is an agribusiness conglomerate with diversified business activities including bananas, dairy and fertilizers. Its corporate headquarters are in the British Virgin Islands.

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