Grupo Aval funds BAC acquisition of Multibank

Grupo Aval funds BAC acquisition of Multibank

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income M&A Colombia Panama Central America

Colombian financial services conglomerate Grupo Aval will use the proceeds from a recent bond sale to cover the acquisition of the Panamanian lender Multibank by its Central American subsidiary BAC Credomatic. BAC plans to spend about $700 million for Multibank, using around $200 million in cash and issuing $500 million worth of additional tier-1 bonds to fund the transaction, Grupo Aval CEO Luis Carlos Sarmiento Gutiérrez told analysts during a conference call on Tuesday. Grupo Aval will buy al

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