Samarco Closes Club Loan

Samarco Closes Club Loan

Brazil Loans

Brazil’s Samarco Mineracao has closed on a $450m term loan funding construction of its fourth pellet plant, according to sources familiar with the transaction. The 11-year facility is guaranteed by Japan’s Nippon Export and Investment Insurance (Nexi), 100% for political risk and 97.5% for commercial risk. The facility is secured by export receivables, mainly with Japanese steel companies. Pricing was not disclosed though is heard lower than the Libor+140bp-150bp level obtained in a non-guarante

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