Close nears for InterCement loan

Brazil’s InterCement is expected to close a $900m loan by the end of the month, LatinFinance understands. Commitments, which are being accepted in dollars and euros, were heard due Friday for the transaction. The loan is divided into three $300m tranches. Two are understood to be in syndication: a 5-year amortizing tranche, paying 270bp over Libor out of the box, and a 5-year bullet offering 280bp over Libor. The third tranche, a 7-year at 350bp over Libor, is understood to be fully subscribed already. BNP, Citi, HSBC, Itau and JPMorgan are leading the transaction, which had originally been heard seeking to close earlier in the month. Industry bankers say it is likely to largely draw banks already familiar with the company.