Special Reports

The Brazilian pulp and paper producer has been on an acquisition spree as it consolidates its position as a global commodities giant. Facepa, Duratex and then Fibria. Brazil’s Suzano has been snapping up assets to promote consolidation in one of the country’s most lucrative commodities segments. To fund the acquisitions, Suzano amassed more than $9 billion in bank debt at low rates, with a three-year loan for $6.9 billion at 133 basis points and a six-year loan for $2.3 billion at 175 basis points over Libor. The company also got a $750 million export prepayment at just 135 basis points over Libor shortly before the merger with Fibria. Fitch and S&P Global Ratings both upgraded Suzano to

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