Cosan Clinches Pre-Export Loan

Cosan Clinches Pre-Export Loan

Loans

Brazilian ethanol giant Cosan has wrapped up a $300m 3-year pre-export facility with a group of 8 banks. The amortizing deal, originally launched at $250m, pays Libor plus 400bp and has a 2-year average life. The closing breathes life into a syndicated loan market that has been dormant for most of 2009. Cosan, a relatively highly levered name, provides a good test of the lending community’s appetite for corporate risk. A recent company statement shows Q2 net debt to Ebitda of 3.70x, down from 5.

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