Voto Unveils Loan Terms

Brazil conglomerate Votorantim Participacoes emerged with pricing details on its multi-tranche $2.65bn loan after holding bank meetings in Sao Paulo Monday. The $1.5bn 5-year senior revolving credit facility is tied to a ratings grid and out of the box is offering Libor+85bp if proceeds are used for trade purposes and Libor+90bp for working capital. The utilization fee, or the premium over the base margin, ranges from 0-30bp depending on how much is drawn. Meanwhile, the issuer is raising another $1.15bn with 7 and 8-year export pre-payment facilities, which offer an applicable margin of Libor+135bp and +150bp, respectively. The utilization fee is 0 if up to 33% is drawn, 15bp if between 33%-67% is drawn and 30bp for over 67%. HSBC and Societe General have been selected as joint lead arrangers and bookrunners on both the revolver and export-prepayment facilities. Bank of Tokyo Mitsubishi, BNP Paribas, JPMorgan and Santander hold the same positions on the revolver, while BAML, BBVA, Credit Agricole and Sumitomo are lead arrangers and bookrunners for the export prepayment facilities. The loan is expected to close by the end of July.