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Brazilian company, Biosev, raises US $ 60 million in France

 

Biosev, second largest producer of sugar and ethanol in Brazil, told investors yesterday that it has signed a US$60-million-financing with Proparco, a subsidiary of the French Development Agency. The financing term is for 12 years with three years of grace period.

The funds will be used for renewing cane fields, cultivation and industrial maintenance.

Funding with the French development bank was being negotiated since 12 months ago and was signed yesterday by the President of Biosev, Rui Chammas.

The financial operation follows the company’s goal of lengthening the terms of its debt and diversifying its sources of funds.

In February this year, the IFC, the private arm of the World Bank injected $ 50 million to acquire 5% stake in Biosev, which is controlled by the French Louis Dreyfus Commodities.
With information from Valor

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