Panama's Grupo Mundial Raises $70m Via IFC

Panama's Grupo Mundial Raises $70m Via IFC

Panama

The IFC has taken a 7% stake in Panamanian financial conglomerate Grupo Mundial worth $30m and is lending the firm $40m in a 10-year loan. The transaction, which begins to amortize in year five, pays Libor plus 175bp. The financing follows a $25m 10-year loan at Libor plus 150bp provided in April by the IFC, whose proceeds are being used to expand the group's mortgage business. "We weren't only in search of the financial resources, but a partner to provide technical assistance and the transfer o

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