Votorantim Signs Pre-Export

Groupo Votorantim has raised $1.04bn billion in a pre-export loan through its Votorantim GMBH unit. A $620m 8-year tranche pays Libor plus 2.25%, and a $420m 7-year piece pays Libor plus 2.10%. Proceeds will be mainly used to repay loans maturing in the next 3 years, the Brazilian conglomerate says. A debt management strategy in place since 2009 focused on lengthening the maturity profile. Banco do Brasil, Bank of America Merrill Lynch, BBVA, Citi, Deutsche Bank, HSBC, Itau, JPMorgan, Santander and Societe General are listed as joint lead arrangers.