Usina Delta S.A.

completed

Usina Delta S.A. (“Delta” or the “Company”), is a sugar and ethanol company, based in Minas Gerais, Brazil, that operates three mills with a combined sugarcane crushing capacity of 10.5 million tons. In the season ended in March 2013, the Company produces about 500,000 tons of very high polarity sugar, about 230,000 tons of crystal sugar, about 250,000 m3 of ethanol (sold mainly for use as fuel to substitute petroleum derivatives for motor vehicles) and about 330 MWh of electricity per year through bagasse-fueled co-generation, most of which is sold to outside parties. The proposed IFC Loan entails providing a tranched corporate facility of US$ 80 million with final loan maturities expected to be between 7 and 9 years. This facility is composed of a senior loan of US$ 40 million from IFC''s own account, a syndicated loan of US$ 20 million, and US$20 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program. The Loan is part of a financing package for Delta’s 3-year capital improvement program. During this period Delta’s investments include cogeneration capacity expansion, industrial upgrades as well as sugarcane replanting and treatment (the “Project”).