New York, 15 July 2022 – Global law firm Hogan Lovells advised Ecuadorian bank Banco Pichincha, the largest in the country, on the second series of notes issued under its diversified payment rights (DPR) securitization program, consisting of US$300,000,000 principal amount of Series 2022-1 Fixed Rate Notes due 2029. The notes are backed by DPR and were issued by Ecuador DPR Funding in a private placement that closed 14 July 2022. Goldman Sachs served as sole structuring agent and placement agent.
In November 2020, the team had advised Banco Pichincha on the establishment of the DPR program, with the issuance of US$150,000,000 principal amount of notes under the program in a private placement to the United States International Development Finance Corp. to fund loans for micro-, small and medium-sized enterprises owned by women.
The Hogan Lovells team was led by New York partner Emil Arca. Additional team members, all in New York, were partner Evan Koster, counsel David C. Tyler, senior associate Adam Lapidus, associates Lauren Kimmel and Juan D. Moreno, and law clerk Zachary Suggs. Hogan Lovells’ Singapore office, through partner Andy Ferris and associate Felicia Chen, serves as listing agent for the notes before the Singapore Stock Exchange.
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