Usiminas Raising New Bank Financing

Brazilian steelmaker Usiminas is looking to raise $400m in new financing using an IDB A/B structure, according to a banker away from the transaction. The multilateral is heard to be providing the company with a $50m 9-year A loan. For the $350m syndicated, or B, portion the company is targeting tenors of 7 years. An RFP is out to banks for a mandate to lead the syndication. Proceeds are being used to increase Usiminas’ energy efficiency. In February, Usiminas raised $1.3bn in a two-part syndicated loan via HSBC, with 5 and 7 year tenors on a trade facility paying Libor plus 110bp and 135bp respectively, and a 2-year liquidity facility at Libor plus 75bp.