“Before the credit crunch a US company could be levered by 10x ebitda, which made it hard for a Latin American company that was 2x leveraged to achieve the same returns. Now it is difficult and more expensive to obtain financing for highly leveraged deals in the US – the differentiating factor for returns becomes growth – Latin America has a lot of great growth stories,” says Nicolas Aguzin, head of Latin American investment banking at JPMorgan.
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