Corporación Favorita, the country's largest retail company and owner of the Panamanian group Rey Holdings Corp. requested a loan for USD 45 million from the Inter-American Development Bank (IDB), IDB Invest and the Canadian Climate Fund, for the construction of a distribution centre for Grupo Rey's supermarket, pharmacy and convenience store chains.
In 2018, Corporación Favorita acquired the Rey Holdings Corp chain of supermarkets, pharmacies and convenience stores, a transaction that was carried out with financing from the Inter-American Development Bank (IDB), IDB INVEST and the Canadian Climate Fund.
In 2021, Corporación Favorita started negotiations with the same financial entities for a new loan for USD 80,000,000 for the construction of a distribution centre in Panama, the first tranche of the loan equivalent to USD 65,000,000, was disbursed on 16 June 2022, the second tranche of the loan equivalent to USD 45,000,000 was disbursed on 9 February 2023.
Lexvalor Abogados was present as advisor to Corporación Favorita from the beginning of the transaction during the due diligence process and subsequently in the negotiation with the financial institutions, instrumentation of contracts and granting of guarantees.
The lawyers in charge of the transaction were partners Alfredo Peñaherrera and Ricardo Peñaherrera from the corporate and financial area and associate Santiago Aguirre from the real estate area.