Scotiabank Costa Rica, a subsidiary of Canada’s Scotiabank and the second-largest privately-owned bank in Costa Rica, has received a US$125mn dual-tranche loan arranged by Bladex and Wells Fargo Securities.

The senior unsecured amortising term loan facility, which will be used for retail and corporate banking activities, is split between a two-year, US$55mn tranche and a three-year, US$70mn tranche.

It attracted financial institutions from Asia, North America, Latin America, the Caribbean and Europe – many of them new relationships – during syndication. Initially set at US$75mn, the loan was upsized to US$125mn due to strong demand. A Bladex spokesperson tells GTR that 10 banks joined the transaction on top of joint lead arrangers and bookrunners Bladex and Wells Fargo.

Mario Vásquez, Scotiabank Costa Rica´s treasury director, says: “The interest from international financial institutions to participate in this credit facility for Scotiabank Costa Rica was so relevant that in the end it significantly surpassed the loan amount that was initially foreseen and it allowed us to obtain more funding resources – still within our funding needs and in line with our projections for disbursements and diversification of funding sources.”

Scotiabank Costa Rica has total assets of US$2.9bn, as of December 31, 2015.