BNP Paribas and co-arranger Banco BBA finally closed last week a $135.5 million privately placed securitization of export receivables for Brazilian iron ore pellet exporter Samarco Mineracao S.A. The transaction was actually sold and priced in January, but it has taken until now to get all the paperwork in place, including approvals from the Brazilian authorities.
Three series of notes were issued through the Iron Ore Master Trust. The first series consisted of $33.5 million and was exchanged with the holders of the secured export notes issued by Samarco in 1995. The second series of $32 million was placed with one Japanese investor and four European commercial banks. Both sets of notes carry a coupon of Libor plus 300 basis points and have a five-year final maturity.