Arias, Fábrega & Fábrega acted as legal counsel to Banco Latinoamericano de Comercio Exterior (Bladex) in the successful closing of a US$91 million 3-year senior unsecured syndicated multijurisdictional loan for GMG Holding, S.A. and subsidiaries.

The deal constitutes the second international syndicated facility led by Bladex for Grupo Monge.  Proceeds from the facility will be used to refinance Grupo Monge's existing indebtedness and extend the Group's debt maturity profile.

The transaction attracted the interest of 14 financial institutions from Central America, the Caribbean and Europe, of which some represent new banking relationships for Grupo Monge.  The deal was oversubscribed, allowing the Group to upsize the facility amount to US$91 million.

Established in Costa Rica in 1974, Grupo Monge is one of the two largest integrated durable goods retailers and consumer finance providers in Central America, with 544 stores across 6 countries: Costa Rica, Guatemala, Honduras, Nicaragua, El Salvador, and Peru.  The Group is 100% owned by the Monge family and is led by a seasoned management team and a sophisticated board of directors with extensive experience in the banking and retail industries.

Gaston Monge, Chief Executive Officer of Grupo Monge commented: "We are very satisfied with this new transaction arranged by Bladex, a strategic partner of our group. Their deep understanding of our business model has brought to us resources from banks that have contributed to strengthening our financial position. The new syndicated loan generates additional value to us in this direction."