Brazil Pulp Upsizes Loan

WestLB and Santander have allocated commitments for a $470m dual tranche transaction for Brazil’s Bahia Specialty Cellulose, with the deal expected to close by next week. The pre-export financing for the wood pulp products company is divided into a 5-year tranche, which was upsized to $425m from $400m, and 7-year tranche for $45m. The 5-year tranche priced at 387.5bp over Libor, while the 7-year priced at 425.0bp over Libor. Bradesco, Itau, Bladex, BES, Caixa Geral de Depositos, Israel Discount Bank, Bancolombia, DZ Bank, Fibonacci Master Fund, Federated Project and Trade Finance Fund and Cordiant participated.