Votorantim Cementos North America has agreed a US$575mn five-year term loan and revolver priced at Libor + 85bp (tied to a leverage grid). JPMorgan is the administrative agent, while HVB/Unicredit participated as an arranger.

The loan is for working capital purposes. The borrower is the North American subsidiary of Votorantim Cementos and doesn’t have a guarantee from the Brazilian parent, although banks lending say that it is still considered a Latin American risk because the parent is in Latin America.

The participant banks are lead arrangers Citibank and JPMorgan; arrangers LaSalle Bank, Royal Bank of Canada and Wachovia; senior managing agent Comerica Bank; managing agents BBVA, Santander, HVB, Bayerische Landesbank, Banque Paribas, Societe Generale, Bank of Nova Scotia, Toronto Dominion and West LB.