| Fecha de Publicación: | martes, 1 de julio de 2008 |
| Título Noticia: | Consortium Centro América Abogados advised Citibank, N.A. and Dutch development agency in syndicated loan of $100 million granted to Grupo M Holding, S.A. for its expansion in Central America. |
| Detalle de la Noticia: | |
Citibank, N.A. and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO), a developing agency from Holland; acted as lead arrangers and lenders of a syndicated loan for an amount of US$100,000,000 granted to Grupo M Holding, S.A. and its subsidiaries to be used for expansion projects in the Central American region in order to increase their network of over 370 store locations.
Grupo M Holding, S.A. is the main chain of stores of electric home appliances in Costa Rica and Central America. Citibank, N.A. acted as lender for Tranche A in an amount of US$65,000,000 with a 5 year term, and FMO acted as lender for Tranche B in an amount of US$35,000,000 with a 7 year term. Scotiabank & Trust (Cayman) Ltd., BNP Paribas, Panama Branch, Banco Internacional de Costa Rica, S.A. (Panama), Banco General S.A. (Costa Rica), and Israel Discount Bank acted as participant banks in Tranche A. Catherine McCarthy of Clifford Chance LLP in Washington, USA led the loan documentation process and Mario Quesada -Bianchini and David T. Reuben of Consortium – Laclé & Gutiérrez in Costa Rica led the structuring and documentation process of the collateral in Costa Rica, in coordination with Consortium’s offices in Guatemala and El Salvador .
The diligence process was as well coordinated with Consoritum’s offices in Honduras and Nicaragua ; and in Panamá with Alemán, Cordero, Galindo & Lee. Jessica Salas of Lara, López, Matamoros, Rodríguez & Tinoco led the borrower’s counsel in each of the jurisdictions and Proskauer Rose, LLP acted as New York counsel to the borrower. Comments Group M Holding, S.A. is the main chain of consumer electronics stores in Central America with over 370 locations in the region which include Importadora Monge, Play, El Gallo más Gallo, and El Verdugo stores.
Jorge Mora, Vicepresident of Citibank, N.A. stated that the transaction is “unique in Central America ” due to the value of the deal and the complex legal structure which includes 7 jurisdictions. The CEO of Group M Holding, S.A. confirmed that the company will continue to open stores in the area and creating job opportunities. Arthur Arnold, FMOs CEO: “The idea of enabling the expansion of this retail business while at the same time creating access for lower income households was a decisive driver for investing in Grupo M. Traditionally, this is FMOs role. We act as a catalyst and facilitator for the entry of commercial banks and private investors into what is still a frontier area for many financiers. By providing long-term funds within this Citi-led syndication, FMO demonstrates its commitment to sustainable investment in Central America .” |
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