Caja 18 has successfully secured a syndicated loan led by the IFC

November 2024 — Caja de Compensación de Asignación Familiar 18 de Septiembre (Caja 18) has successfully secured US$45 million in private financing through an unsecured syndicated loan led by the International Finance Corporation (IFC).

The loan is structured in two tranches of US$22.5 million, each with a four-year term starting from the disbursement of the respective tranche. This four-year loan will support the expansion of Caja 18’s ‘social credit’ portfolio, which focuses on providing financial solutions to retirees and low-income workers.

Caja 18 is a private, nonprofit corporation with its own assets, dedicated to administering social security benefits and primarily providing social credit through payroll deductions. Operating within Chile’s stable and highly regulated ‘Cajas de Compensación’ (social security institution) industry, these entities are uniquely authorized to offer payroll-deductible loans that are both pensionable and non-waivable.

Our role in the transaction

Oaklins’ team in Chile acted as the sole financial advisor to Caja 18 in the structuring and execution of a syndicated loan led by the IFC.