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Fattening up its war chest following several incursions into new Latin American markets, Grupo ACP just issued US$85mn in 10-year bonds on the international market, even as its Peruvian microfinance bank, Mibanco, seeks a US$60mn syndicated loan through the IFC.
The release said the debt would go toward growing Grupo ACP's businesses in Peru, as well as its microlender - Forjadores - in Mexico and the microfinance business it recently launched in Brazil.
The 10-year bonds are listed on the Luxembourg Stock Exchange, and their principal will be paid out in a lump sum upon maturity.
MIBANCO SEEKING FUNDS AS WELL
At the same time, Grupo ACP's flagship Peruvian microfinance bank, Mibanco, is seeking a US$60mn syndicated loan from the IFC.
According to information on the IFC's website, "The proposed project will support Mibanco's expected portfolio growth through a syndicated transaction in local and foreign currency."
The IFC board is expecting to discuss the project in late April.
Mibanco has faced new competition in recent years, as BBVA's (NYSE: BBVA) non-profit microfinance foundation has pushed into the Peruvian market.
Most recently, Fundación Microfinanzas announced a merger of its local subsidiary, Crédito Nuestra Gente, with Peruvian finance company Confianza, adding that it would seek a banking license in the country for the new entity.