FERRERE advised local timber company Maderas del Uruguay S.A. on the structuring of its second forestry financial trust, Fideicomiso Financiero Forestal Bosques de las Serranías II, through the issuance of bonds for up to US$71.3 million on Uruguay’s electronic stock exchange, BEVSA.
The offering, which was successfully placed for the total amount offered, attracted a demand of US$152.29 million, approximately 2.14 times the issuance amount (114% above the amount offered).
The proceeds will be used by the trust to acquire approximately 7,500 hectares of rural land and to lease an additional 7,500 effective hectares for forestation, with the project focusing on development of sustainable Eucalyptus forests and commercialization of wood for pulp production, primarily for export markets.
EF Asset Management (EFAM), led by Alfredo Poggi and Ximena Cean, advised on and managed the Fideicomiso Financiero Bosques de las Serranías II issue. The financial structuring of the issue was handled by CPA FERRERE, with a team composed by Alfonso Capurro and Federico Campagna.
The transaction’s legal structuring, in turn, was handled by FERRERE, with a team consisting of partner Diego Rodríguez and a broad group of professionals, including Cecilia Trujillo, Delfina Bisio and Álvaro Uhalde.
Maderas del Uruguay S.A. was created in 2003 by Comercializadora Grupo Forestal S.A. and Foresur G.I.E., and has positioned itself internationally with a forestry offering exceeding 50,000 effective hectares of Eucalyptus globulus and Eucalyptus smithii.
FERRERE also advised Maderas del Uruguay S.A. on the structuring of the first Fideicomiso Financiero Forestal Bosques de las Serranías, for US$67 million, which was also successfully placed.