INTESA SANPAOLO, THE ONLY ITALIAN BANK IN THE “ETILENO XXI” PROJECT AIMED AT THE CONSTRUCTION, IN MEXICO, OF THE MOST ADVANCED PETROCHEMICAL COMPLEX IN THE AMERICAS
• The Bank was Facility Agent and Mandated Lead Arranger for the 600 million dollar credit line guaranteed by SACE and contributed to the financing in the amount of 100 million dollars
• Intesa Sanpaolo and Italian entrepreneurship are partnering abroad on an international project involving 25 Italian businesses, with over 40 contracts for the export of advanced Italian technology
Milan, 21 December 2012 – Intesa Sanpaolo – as the only Italian bank – participated in the long-term financing transaction aimed at the implementation of the Braskem Idesa SAPI project, namely Etileno XXI.
The said project is aimed at the construction in Mexico of the most advanced petrochemical complex in the Americas which, once fully operational, will enable the production of around one million tons per annum of high and low density polyethylene.
Intesa Sanpaolo has acted as Facility Agent and Mandated Lead Arranger for the export financing of a total 600 million dollars guaranteed by SACE and participated directly in the financing transaction in the amount of 100 million dollars, within the scope of the same credit line.
Thus, the Bank continues to support the most technologically advanced Italian businesses: the project development and construction indeed involves twenty-five Italian companies - including numerous small and medium enterprises that will participate in the implementation of the internationally financed complex - with over forty export contracts from Italy. SIMEST is also expected to intervene in support of Italian export by stabilising the interest rate.
The overall financing (3.2 billion dollars) sees the participation of 10 international banks – including Intesa Sanpaolo – the multilateral agencies IFC and IDB, the Brazilian and Mexican development banks BNDES, Nafin and Bancomext, the EDC (Export Development Canada) and SACE.
Braskem Idesa is a joint venture set up in 2010 by the Brazilian Braskem, the largest manufacturer of thermoplastic resins in the American continent, and Idesa, a private Mexican group operating in the production and sale of chemical and petrochemical materials.
Corporate & Investment Banking Media Office
Last updated 21 December 2012 at 13:08