The objective of this transaction is to increase access to financing for small and medium sized agroindustry producers in Nicaragua. Banco de la Produccion, S.A. ("Banpro") will create its Diversified Payments Rights Program (the "DRP Program") and make an issuance of up to US$150 million. IDB Invest will purchase up to US$40 million in debt instruments under the Program with a tenor of up to 5 years including one year of grace period with a potential extension of up to 2 years. It is expected that the IDB Group will purchase up to US$27 million, and that the China Co-Financing Banco de la Produccion, S.A. Fund for Latin America and the Caribbean - a fund under IDB's administration - will purchase up to US$13 million. Under the DPR Program, Banpro (the "Sponsor") will sell all its rights over its existing and future Diversified Payment Rights ("DPR") to a Cayman Island Vehicle, NIC FLOWS SPV, Ltd., (the "SPV"). The proceeds from the DPR Program will be channeled by the SPV to Banpro as a payment for the DPRs sold.
Client Contact Name: Melisa Castro Rivas
Title: Finance Manager
Phone number: + (505) 2255-9595 (Ext. 33019)
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