Brazil’s Grupo Votorantim (VPAR) has agreed a seven-year US$280mn pre-export finance loan with lead arrangers Calyon, HSBC and JP Morgan.
Deutsche Bank, Banco Espiro Santo, HVB and Natexis Banque were arrangers.

The loan has a six-year grace period, while the margin stands at 135bp over Libor. HVB was an arranger.