18 August – LAWFUEL – The Law News Network – Linklaters has advised,…

18 August – LAWFUEL – The Law News Network – Linklaters has advised, together with Corporacion Andina de Fomento (CAF) as financial advisor, CVG Ferrominera Orinoco, C.A. (“FMO”) on a U.S.$135 million pre-export credit financing. The proceeds of the financing, which was signed on 8 July 2005, will be used to finance the expansion of an iron ore processing plant in Venezuela.

Linklaters’ project finance partner, Matthew Hagopian, who led the team said;

“This transaction represents an important step for FMO in capitalising on the unprecedented world demand for hot briquetted iron and facilitating the expansion of its iron ore processing business. It will also allow Venezuela to maximise its benefit from current and projected market conditions.”

“CAF was instrumental in bringing this financing to a successful close and involved Linklaters in the transaction due to the number of energy and natural resource financings we have previously worked on together elsewhere in South America, and our extensive experience in this sector.”

Clifford Chance and d’Empaire Reyna Bermudez & Asociados advised the Lenders.

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