Standard Bank closed a US$10mn pre-export financing due 2010 with Netuno Alimentos, a Brazilian seafood company. The loan is backed by a same-dated US$48mn lobster export contract with Darden Restaurants, based in Orlando, Florida.
This is the first fish pre-export deal for Standard Bank in Brazil, Victor Simo, head of corporate and investment banking at Standard Bank in So Paulo, tells GTR. Netuno and Standard declined to inform the pricing.
Darden payments will be made to a Standard Bank account in New York, allowing the bank to retain principal and interest. The balance will be channelled to Netuno in Brazil.
The Brazilian borrower is not hedging the US$10mn debt provided half of its revenues are already dollar denominated, says Leonardo Teixeira, Netuno’s chief financial officer. Netuno’s indebtedness also includes BNDES Exim lines. Revenues are forecast to hit R230mn (US$125mn) in 2007, according to a company statement.
The transaction was conducted by Banco Standard de Investimento, a Brazilian subsidiary of Standard Bank plc.