Deutsche Bank has closed a US$70mn syndicated trade loan for Chile’s Empresa Nacional de Miner (Enami). Deutsche Bank acted as lead arranger and agent for the facility, which was increased from US$60mn to US$70mn. Some eight European and Latin American institutions, including Deutsche Bank, participated in the facility as lenders.
The syndicated facility is structured as a one-year pre-export financing of sales of processed minerals to buyers located in the Americas and Europe. Deutsche Bank brought the facility to market concurrent with an extensive restructuring by the government of Chile. Thus, according to Deutsche, close coordination with the client was required during the syndication process as the spin-off of ENAMI’s largest smelter was made public and a restructuring of the company’s long-term debt was concluded during this time.
“Deutsche Bank brought the transaction to a successful conclusion due its extensive distribution network,” says Carl Carrier, director of Deutsche Bank Global Trade Finance. “The transaction cements Deutsche Bank’s position as a leading provider of trade financing in the region and a leading financial institution in the Chilean market.”
Enami is owned by the Chilean government and has the same A- Fitch rating as the Republic of Chile. Enami buys, processes, and exports copper, silver, and gold purchased from local small and medium-sized mining companies. The company is the official vehicle by which the government subsidises the mining activities of small and medium producers of silver, copper and gold.