Arauco Closes Loan

Chile’s Celulosa Arauco has closed a 3-year, $300m term loan paying Libor+100bp, say people familiar with the process. Scotiabank led the syndication, with BancoEstado and Sumitomo coming in as MLAs and EDC as a participant. Proceeds go toward repaying a $300m 5.125% bond sold in 2003 and maturing in early July.