Spanish group seeks funds to weather COVID-19 in LatAm
Madrid-based Ortiz Construcciones y Proyectos (Grupo Ortiz) is looking to secure multilateral support to address COVID-19 related supply chain issues in Latin America.
The group, whose business scope covers concessions, energy, infrastructure and services, has submitted a request to IDB Invest for up to US$20mn in financing to help suppliers of its branches in Mexico, Colombia and Panama.
The proposed transaction entails the creation of an uncommitted revolving line of credit to purchase accounts receivable, according to information from IDB’s private lending arm.
IDB Invest’s board is expected to review the request in September.
In April, Axesor Rating maintained Ortiz at ‘BB+’ and changed the outlook to stable from positive.
Other companies that have filed similar requests with IDB Invest to tackle liquidity issues brought on by the pandemic include AES El Salvador, Enel Distribución Chile, La Comer, Naturgy Panama, Rassini Automotriz and Vicunha Ecuador.
Read Liquidity shortfall hits additional Central American power utilities and El Salvador utilities seek US$120mn to offset billing deferral
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