Milbank LLP represented the lead arrangers and lenders in the US$290 million sustainable revolving credit facility by and among Votorantim Cimentos International S.A., Votorantim Cimentos EAA Inversiones S.L., St. Marys Cement Inc. (Canada) and certain subsidiaries of St. Marys Cement Inc. (Canada), as borrower, Votorantim Cimentos S.A. and St. Marys Cement Inc. (Canada), as guarantors, Bank of America, N.A., as administrative agent, Natixis, New York Branch, as sustainability structuring agent and certain lenders. This loan agreement was one of the first sustainability-linked loans in the cement industry.
The Milbank deal team was led by Global Capital Markets partners Carlos Albarracín and Tobias Stirnberg, along with Global Capital Markets associates Gonzalo Guitart and Ana Bueno and Tax partner Andrew Walker and associate Archan Hazra.
Mr. Albarracín said: “We are pleased to have advised on this important and unprecedented sustainable financing transaction one of the world’s largest cement companies. The transaction is unique as the green loan principles were recently enacted and this marks one of the first syndicated sustainability-indexed revolving credit facility in Latin America.”
Mr. Stirnberg said: “There has been a rise in sustainability-linked loans throughout Latin America, demonstrating the increasing commitment to the region. We are pleased to have had the opportunity to assist the lenders and Votorantim in executing this landmark transaction for Brazil and Latin America.”
