Demarest advises Goldman Sachs on PrumoPar financing
Demarest has advised Goldman Sachs on the structuring, negotiation and implementation of financing for Prumo Participações e Investimentos (PrumoPar), an investment vehicle in Ferroport Logística Comercial Exportadora (Ferroport).
Ferroport is a joint venture between Prumo and mining group Anglo.
The first tranche of the transaction consisted in the issuance of Brazilian debentures ballasted in US dollars. PrumoPar issued debentures worth $270 million, equivalent to 1.07 billion reais in Brazilian debentures. The proceeds of the financing were used mainly to settle other debts contracted by PrumoPar with Brookfield and other creditors.
The second part of the transaction consisted of a US notes issuance worth $350 million, and which was used to pre-pay the Brazilian debentures and as long term financing for the group.
The proceeds of the financing will be used by Prumo group to cover capex obligations in the construction of the port and other investments necessary to complete the terminal of Açu port.
Demarest’s team was led by partner Paloma Lima (pictured), with Pedro Pio Borges and Patricia Mattos (infrastructure) and Leticia Galdino Wanderley, Bruno Marcelo Woicik and Caio Secchi (capital markets).
