The Brazilian state of Tocantins has received a US$143 buyer’s credit facility from BBVA and Deutsche Bank for the construction of 16 bridges.

Covered by Italy’s export credit agency, Sace, the loan has a door-to-door tenor of 11 years. BBVA’s Italian branch and Deutsche Bank acted as joint arrangers, and BBVA is also the agent on the facility, signed on November 19. Brazil’s ministry of finance acted as guarantor.

A BBVA spokesperson confirms to GTR that BBVA extended US$85.9mn, while Deutsche Bank provided the remaining US$57.1mn, but was unable to disclose pricing arrangements on the deal.

“As usual, the flexible approach from Sace allows the lenders to consider and undertake their respective participation by enhancing the underlying risk and render this deal more bankable,” the spokesperson adds.

Undertaken by Italian SME Rivoli, the construction of the bridges is expected to make remote towns in the Tocantins state more easily reachable.