Mibanco Raises $40m in B Loan Syndication

Mibanco Raises $40m in B Loan Syndication

Peru

Mibanco, the Peruvian microfinance bank, raised a greater than anticipated $40m from a broadly syndicated B loan, which IFC officials claim is the first such facility for a LatAm microfinance institution. The deal is part of a 3-year transaction with a 1-year grace period that pays Libor plus 150bp with an up-front fee of 60bp. The loan, whose proceeds will be used to expand the bank's microlending capabilities, was originally launched at $30m. It was designed to broaden the bank's relationships

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