Coimex Group of Brazil and Rosemount Global Trade Finance Fund have closed a US$22mn syndicated structured pre-export facility that was disbursed in early October. The facility is repayable in quarterly instalments over a two-year period with first repayment of principal in nine months.

Coimex Trading is the borrower under the facility and guarantees were provided by Cia Importadora E Exportadora Coimex and Coimex Empreendimentos E Participaes.  Coimex will use the funds to purchase and export soya, sugar, ethanol, meat and coffee to a pre-approved list of offshore buyers.

Rosemount was mandated lead arranger and bookrunner on the transaction. In addition, Banco Espirito Santo, Landesbank Baden-Wurttemberg, Latin America Export Finance Fund, and Rosemount Global Trade Finance Fund participated as co-arrangers and Bank of New York acted as agent.

The facility was oversubscribed and is evidence of the emerging trend of non-traditional trade finance lenders (ie, hedge funds) working together with banks to provide debt capital to trade finance borrowers in the developing markets.

Coimex is one of Brazil’s largest trading companies and the largest exporter of ethanol from Brazil. Through its direct and indirect subsidiaries, the company specialises in the trade of Brazilian commodities, including sugar, alcohol, coffee, grains and meat in the domestic and international markets.

Rosemount Global Trade Finance Fund is managed by New York-based Rosemount Capital Management. The fund was launched in December 2005 and works with exporters and banks on a global basis to provide traditional and innovative trade finance debt facilities.