Syndicated loan volumes
are steadily declining as companies turn more and more to the
capital markets. Bankers for their part have responded by
designing highly structured loan packages. The best of these,
including the winner of LatinFinance's Syndicated Loan of the
Year award, are created with a company's broader strategic
needs in mind.
In August 2004, a group of bankers from Germany's West/LB
won a mandate from Brazil's Grupo Votorantim to put together a
$250 million syndicated loan. Led by Moses Dodo, West/LB's
managing director and head of investment banking for Latin
America, the team devised a transaction providing Brazil's
largest industrial conglomerate with a hard-currency liquidity
backstop that would strengthen its balance sheet and improve
its risk profile. That promised to make Votorantim more
attractive to international investors and the credit rating
Luis Felipe Schiriak, Votorantim's CFO,...
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