ING Bank in $50 Million Second Tranche and Amendment of Export Prepayment Loan Facility

Cleary Gottlieb represented ING Bank as lead arranger in the negotiation of a $50 million second tranche of and an amendment to a senior secured export prepayment loan facility for Marfrig Alimentos S.A., which closed on June 30. In addition to ING Bank, ABN AMRO and Bladex also participated in the transaction as second tranche lenders.

Marfrig is Latin America’s second-largest beef producer and one of the largest food exporters in Brazil. Export prepayment loan facilities are one of the most common forms of financings in Brazil, in part because, under Brazilian law, payments of interest and commissions related to the financing of export transactions receive favorable treatment under Brazilian tax and insolvency laws.