Uruguay’s Monte del Plata Secures $1bn Plus

Uruguayan pulp mill project Montes del Plata, a joint-venture between Stora Enso and Arauco, has raised $1.354bn in the loan market. The financing package consists of a $900m 12-year ECA tranche, a $200m 12-year B loan from the IDB and a $254m commercial B loan. ECAs included Finnish export credit agency (FEC), and Sweden’s SEK. The new pulp mill at Punta Pereira is being financed through equity and loans, and is expected to be up and running by the first quarter of 2013.