The funds have been approved by the Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and will initially be used to refinance outstanding short-term debt obligations.
“Eliminating the mismatch between our existing long-term contracts and our short-term liabilities will allow Prumo to continue its commercial ramp-up and realize the vision of the Port of Açu,” Eugenio Figueiredo, chief financial officer of Prumo Global Logistics commented.
Prumo Logística has total consolidated long-term debt of $960 million, including $290 million of long-term debentures as a result infrastructure investments in the port have been hampered.
Energy port ramps up
The Port of Açu is located in the North of Rio de Janeiro state and started full operation in 2014. It is heavily focused on the Oil & Gas sector with major clients including NOV, Technip, Edison Chouest, Petrobras, Wartsila, BP and BG.
“Since EIG’s investment and the 2013 restructuring we have taken Açu from a partially constructed project to a fully operational port-complex that is open for business. We are very proud to accomplish this on-time and on-budget while also commercializing this flagship asset, all of which allowed us to earn this level of endorsement from our lenders” Figueiredo added.
The port’s multicargo terminal started operation this week with the first shipment of bauxite from Votorantim while a new crude oil terminal is scheduled to come online in 2016 providing transshipment for upstream operations.
The terminal has capacity to handle over 4 million tonnes per year and handles bulk materials, containers and cars.