Orix Trade Capital (OTC) has completed the successful syndication of an import finance facility for Braskem SA. The facility has a tenor of one year and will be used to finance Braskem’s imports of naphtha and other chemical feedstocks. Based on strong non-traditional investor market demand, the facility was oversubscribed to a level of US$38mn.
The facility was launched on October 17, with syndication closing on November 7. The facility documentation was signed on November 24.
OTC acted as bookrunner and lead arranger for the facility. Lead managers are Orix USA Corporation and Octave-1 Fund, Ltd. Managers are BankBoston and Banco Finantia. Participant is Santos Capital Markets, Inc.
Braskem is a world-class Brazilian company, a leader in the thermoplastics segment in Latin America and among the five largest privately-owned industrial companies in Brazil. The company operates 13 manufacturing plants located throughout Brazil and produces 5mn tons of petrochemical products per year.
OTC is part of Orix USA Corporation, a subsidiary of Orix Corporation (www.orix.co.jp). Established in 1964, Orix Corp is an integrated financial services group based in Tokyo, Japan, and is listed on the Tokyo Stock Exchange and New York Stock Exchange. With US$49bn of assets and about 11,600 employees throughout 23 countries worldwide, Orix’s activities include: leasing, corporate finance, real estate-related finance and development, life insurance, and investment and retail banking.
Together with its wholly-owned subsidiaries, Orix USA Corporation provides trade finance, commercial equipment finance, equipment leasing, asset based lending, merchant banking, corporate finance and asset management services, property management services, real estate development and commercial mortgage finance.