Acting as sole mandated lead arranger and bookrunner WestLB has closed a US$80mn senior secured export-backed term loan for Pesquera Exalmar, a Peruvian fishmeal and fish oil producer.
The deal provides Exalmar with the funds needed to acquire 50% of the capital stock of another fishmeal firm, Corporacion del Mar, as well as refinance existing indebtedness.
This acquisition has strengthened Exalmar's position in the Peruvian fishmeal market, increasing its vessel capacity by 25%.
The financing has also improved its liability management with a longer debt-maturity profile that better reflects the patterns in the company's cash flows.
The fragmented Peruvian fishmeal market has been going through a period of consolidation, with a number of acquisition financings raised over the last 12 months.
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