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Global Bank obtains $50M finance facility to support Banvivienda purchase

Banco Latinoamericano de Comercio Exterior SA, or Bladex, said it closed a $50 million senior, secured, amortizing acquisition finance facility for GB Group Corp., the parent company of Global Bank Corp.

Bladex acted as joint lead arranger and bookrunner for the five-year facility, together with JP Morgan Chase & Co. Bladex also served as the administrative agent.

"The facility attracted the interest of various financial institutions from Central America and the Caribbean, Europe and North America, some of which represent new banking relationships for Global Bank," Bladex said in a press release.

Global Bank used the proceeds to support its recently completed acquisition of Panama-based Banco Panameño de la Vivienda SA for a total cash-and-stock consideration of $202.9 million.

The new $50 million facility represents the second syndicated facility co-arranged by Bladex for Global Bank and follows a $135.5 million medium-term facility closed in 2016.