Strategic Structuring

Jan 1, 2005

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 agencies.

Luis Felipe Schiriak, Votorantim's CFO,...

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