Hogan Lovells advises Banco Pichincha C.A. on DPR program in Ecuador
New York, 27 November, 2020 – International law firm Hogan Lovells advised Banco Pichincha C.A. on Ecuador DPR Funding’s first issuance of US$150 million Series 2020-1 Fixed Rate Notes to the United States International Development Finance Corp. (DFC, formerly the Overseas Private Investment Corp.). The issuance was made in connection with Banco Pichincha's sale of its diversified payment rights (DPR) to Ecuador DPR Funding, the proceeds of which will be used to support women-operated microenterprises and small-to-mid-size enterprises (SMEs) in Ecuador. Goldman Sachs & Co. LLC served as arranger.
This financing will enable Banco Pichincha to facilitate the financing of microenterprises and SMEs in Ecuador. These businesses promote enterprises founded or managed by women or are businesses where women comprise at least 40 percent of their workforce. These enterprises promote wage equality and childcare, and oppose discrimination and harassment.
The Hogan Lovells team was led by New York Finance partner Emil Arca, senior associate Flavio Averbug, and associate Lauren Kimmel. In February, the team also advised Banco del Pacífico S.A. (BdP) on the establishment of, and first issuance under, its DPR securitization program in Ecuador. In September, Hogan Lovells represented Banco Industrial S.A. on the issuance of notes under that bank's DPR securitization program in Guatemala.
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