Tuesday, 27 January 2009

LLX Get Money From BNDES, Banks for PF Minas-Rio Project

LLX, the logistics arm of Brazilian billionaire Eike Batista (photo,) signed 1.321 billion reais worth of financing agreements with the government-controlled development bank and two major commercial banks, according to a statement sent this morning. The accords have a total amortization schedule of 12 years and 2 1/2 years grace-period.

The transaction was structured as a
project finance with a debt/equity ratio of 73 percent to 27 percent, with half of the money being disbursed in the form of a BNDES direct loan, while the rest of the money to be offered by Unibanco and Itaú, the two domestic banks that agreed to merge in November. ''With the completion of this phase, LLX Minas-Rio is now fully funded to carry out its investment plan, thus enabling the handling of iron ore from Anglo American mines in the State of Minas Gerais, the anchor project for Açu Super Port,´´ said LLX in its regulatory filing statement.

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