Prumo Gets BNDES Approval
- Business & Finance
Porto do Açu Operações S.A., Prumo’s subsidiary, has received an approval letter from Banco Nacional de Desenvolvimento Econômico e Social (BNDES) to refinance its outstanding short-term debt obligations.
The agreement establishes the terms and conditions for the R$2.8 billion long-term facility, of which R$2.3 billion will be funded upon closing and used to fully amortize the existing bridge-loans granted by the Bank.
Bradesco and Santander will act as on-lenders for this facility.
The remaining facility amount of R$ 500 million will be used to fund port construction and will be provided by a third on-lending bank yet to be identified. The total tenor of the approved facility is 18 years with four years of grace period and 14 years of amortization. The transaction will be concluded upon execution of contracts.
Since the start of operations at the Açu Port in 2014, Prumo has signed a series of commercial contracts and has expanded its operations with the development of new terminals.