Japanese Group Closes Brazilian Offshore Loan

The Cernambi Norte project has closed on a $1.17bn financing package, according to people familiar with the transaction. The deal includes a $700m, 19-year JBIC-funded tranche paying Libor+150bp and a 19-year, $468m commercial bank tranche paying Libor+250bp. Bank of Tokyo-Mitsubishi, Mizuho, Sumitomo Trust, Sumitomo Mitsui, and Mitsubishi-UFJ participated in the commercial tranche. The SPV owned by Japan’s Modec, Mitsui, Marubeni and Mitsui OSK is raising funds to develop the Cernambi Norte oil fields off the coast of Brazil.