Source: PR Newswire.
Original press release available online.
MEXICO CITY, July 20 – Banco Compartamos, S.A., Institucion de Banca Multiple informs that it has obtained MXP 500 million (USD 37 million) through the public issuance of local bank bonds (‘Certificados Bursatiles Bancarios’) in the local debt capital markets for a tenor of 3 years at an interest rate of TIIE plus 200 basis points, in line with Compartamos’ interest rate expectations. The local bank bonds obtained a credit rating from Standard & Poors of “mxAA-” and “AA- (mex)” from Fitch Ratings. This transaction reinforces the Bank’s strong financial and liquidity position and reaffirms its ability to access diversified funding sources to meet expected growth for the upcoming years.
Banco Compartamos, S.A., a Mexican bank specialized in microfinance, is the largest lender to microbusiness owners in Latin America. Established in 1990 and headquartered in Mexico City, Compartamos provides small loans to low-income Mexican individuals and business owners, such as craft manufacturers, food vendors and other small businesses. With nationwide coverage, Compartamos works with local and international lenders to secure financing to these market segments, which are currently underserved.
Banco Compartamos shares began trading on the Mexican Stock Exchange on April 25, 2007 under the ticker symbol “COMPART”. For more information about Compartamos or the aforementioned issuance of Local Bank Bonds please visit www.compartamos.com
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
Similar Posts:
- MICROCAPITAL BRIEF: MSMEs in Amazon to Access $900m Loan Pool from IDB, BNDES of Brazil
- MICROFINANCE PAPER WRAP-UP: “Predictors of Microfinance Sustainability: Empirical Evidence from Bangladesh,” by Maeenuddin et al
- MICROCAPITAL BRIEF: IDB Invest Lending $30m to Atlantic Bank in Support of MSMEs in Belize, with a Focus on Women-owned Firms
- MICROCAPITAL BRIEF: Arab Women Authority, National Bonds Partner on Financial Inclusion for Women in MENA
- MICROCAPITAL BRIEF: IDB Invest, Oikocredit Subscribing to $20m Bond from CJA to Finance MSMEs in Ecuador, Targeting Underrepresented Groups
