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DEAL ANALYSIS: Embraport
19 December 2011
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[Odebrecht]
[DP World]
[Coimex]
[iadb]
Odebrecht, DP World and Grupo Coimex closed the $1.04 billion Empresa Brasileira de Terminais Portuarios, or Embraport, port deal on 18 November. The project involves constructing a greenfield 1.2 million twenty-foot equivalent unit (TEU) capacity mixed-use container terminal and a liquid bulk terminal with a capacity of two million tonnes at the port of Santos in Sao Paulo state. The facility is designed to relieve congestion at Brazil’s largest port.
The Inter-American Development Bank (IADB) and Caixa Economica Federal led the $786 million multi-currency debt financing for the project. The multilateral’s $430 million A/B loan was split into a $100 million A tranche with a tenor of 15 years and a $330 million B tranche with a tenor of 12 years. Caixa Geral de Depositos, HSBC, Banco Santander and WestLB are lead arrangers of the latter tranche. The A loan priced at 337.5bp over Libor with step-ups to 387.5bp by...
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