US-based Rosemount Capital has successfully syndicated an oversubscribed trade loan for Brazil’s Banco Pine.
The dual tranche loan was originally set for US$20mn, but higher than anticipated interest in the deal led to a final facility totalling US$26mn.
The facility is split into a one-year US$20mn tranche and a two-year US$6mn tranche, with the financing due for trade-related business.
While this is the first syndicated deal that Rosemount have arranged for Banco Pine, Rosemount had a strong previous relationship with the company, as Jane Belova-Barr, director, distribution at Rosemount, tells GTR: “We have completed numerous deals in Brazil in the past, but this is our first syndication for Banco Pine. We had planned to arrange a syndicated loan for Banco Pine right at the beginning of the financial crisis but, because it was not good timing, the decision was made not to pursue it and to bring it back to the market when the situation improved.
“When we initially launched this deal for syndication there was a lot of interest, but we noticed that a lot of banks now have to go through different levels of approval so it was not easy. We were delighted that the deal still oversubscribed.”
This exposure in Latin America is part of an ongoing expansion for Rosemount, which is looking to work in other emerging markets in the future, as Belova-Barr adds: “While Brazil remains a strong focus for us, we have also successfully done deals in Eastern Europe, and we are looking at possibilities in Africa and Asia.”
Last Updated June 28, 2010
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