Embraport Closes Jumbo Financing

Brazil’s Empresa Brasileira de Terminais Portuarios (Embraport) has raised approximately $1bn in debt and equity financing to carry out the construction, operation and maintenance of a new container and liquids terminal in the Santos Port. Financing consists of an $430m IBD A/B loan, a 15-year BRL633m ($341m) loan from development bank BNDES as well as $255m in equity from sponsors Odebrecht Transport, Dubai Port World, and Coimex. The BNDES loan pays TJLP+350bp and is lent through the Caixa Economica Federal. The IDB A loan has a $100m size with a 15-year tenor, while the B loan has a $330m size with a 12-year tenor. The margin on the B loan is L+300bp during construction, with a step-up following completion, according to a source familiar with the matter, who declines to comment on the A loan pricing. WestLB, Santander, Caixa Geral, and HSBC participated in the B loan.