BICSABritish Insurance Car Security Awards
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The transaction, which marks the first syndicated loan in the international markets for BICSA, attracted several financial institutions based in Brazil, Colombia, Chile, United States, and Panama.
BICSA, founded in 1994, reported revenues last year of $33 million and assets of $550 million.
BICSA, founded in 1976, maintains a strong focus in corporate loans and market presence in all Central American countries through representative offices located in Costa Rica, Nicaragua, Guatemala and El Salvador, and has a branch in Miami, Florida.
As of March 19, 2004, and after giving effect to the restructuring, the Company's aggregate outstanding indebtedness to BICSA totaled approximately $30.
0 million of unsecured indebtedness owed to BICSA becomes secured by the Trust upon the execution of definitive loan agreements, the Trust is projected to secure approximately $39.
Although BICSA does not benefit from the sovereign guarantee that Costa Rican state-owned banks have, Fitch believes that support for BICSA could be provided by its major shareholder.
In addition to BICSA, it also has three small local wholly-owned subsidiaries involved in non-credit activities.
If required, Fitch believes that support to BICSA could be provided by its major shareholder, BCR, although its ability to provide full and timely support to BICSA could be limited by legal or political issues.
Another goal is improving its competitive position at a regional level, providing further international banking services with a regional scope, primarily through BICSA.
BICSA was established in 1976 to serve as a financing vehicle for global trade of Central American corporations, in view of the increasing economic integration of the region.
These include Westtrust Bank (an affiliate of Banco Industrial), Davivienda El Salvador, Global Bank, Interbanco, Banco Aliado, Banco Ficohsa and BICSA.
The strong support from official sector, regional and international banks underscored the essential quality of this renewable energy project and the strength of the sponsor team, and we are proud to support the development of this new alternative energy source for Panama s growing economy, said Daniel Gonzalez, BICSA s general manager in Panama.