Merrill Lynch recently closed a $75.3 million securitization of export receivables for Brazilian refinery OPP Petroquimica S.A. The notes, which were sold to two U.S. bank lenders, have a 3.5-year final maturity and priced at Libor plus 170 basis points. The transaction was marketed as a private placement and was unrated.

The deal is backed by a performance bond from Fireman's Fund Insurance and a contingent off-take agreement from Enron Corp.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.