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BBVA announce the signature of a Buyer Credit in favour of the State of Tocatins, Brazil


WEBWIRE

• BBVA and Deutsche Bank finance an infrastructure project, consisting of the construction of n. 16 bridges and related connection roads performed by the Italian Rivoli SpA.
• The Buyer Credit Facility - under SACE coverage and SIMEST subsidy intervention - is for a total amount of USD 143,198,163.- with a door to door tenor of 11 years. The Italian Branch of BBVA and Deutsche Bank act as joint arrangers; BBVA is also Agent.
• By its size and characteristics, this facility might be considered as the most important Brazilian sovereign risk transaction - under the SACE insurance policy and SIMEST interest make up agreement - over the recent years.



BBVA through its unit of Global Trade Finance in Milan – together with Deutsche Bank SpA - arranged a SACE-covered Buyer Credit in favour of the State of Tocantins (Secretary of Infrastructure) under the Ministry of Finance Brazil’s guarantee. The underlying infrastructure project consists of the construction of n. 16 bridges and related connection roads performed by the Italian Rivoli SpA.

On November 19th 2012, BBVA SA Milan Branch and Deutsche Bank SpA, jointly the arrangers and lenders, signed a SACE-covered Buyer Credit Facility with the State of Tocantins (borrower) and with the Ministry of Finance Brazil (guarantor), for a total amount of USD 143,198,163,- with a door to door tenor of 11 years.

Rivoli SpA is an Italian SME leader in the field of prefabricated systems for bridge and road building with a complete range of pre-stressed reinforced concrete beam, with a strong presence and track-records in Brazil. Over the years they have designed and built more than 500 bridges in Brazil and 1.000 bridges in Italy, and realized more than 300 km of roads.

The State of Tocantins – founded on 1988 – is the youngest of all the Brazilian states. It is located in the northern region, exactly in the geographical center of the country. It has the 10th largest territorial extension of Brazil as well as the 24th largest population. More than half of the Tocantins is of conservation and protected areas and watersheds. Its economy is mainly focused on agriculture.

BBVA SA has been supporting both the Italian supplier Rivoli SpA and the Brazilian State of Tocantins on the financing of this transaction for the last three years.

This transaction demonstrates a strong commitment to the Italian system being an export financing granted by two international banks which allowed an Italian SME to successfully conclude an important infrastructural project in Brazil, also thanks to the support given by the Italian authorities (SACE and SIMEST). In line with the previous aspect, the lenders have also decided to use the services of a prominent Italian law firm (Studio Legale Chiomenti in Rome).

This project has also a clear social impact by improving the infrastructural facilities in the Brazilian State of Tocantins.

About BBVA
BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.



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