2/27/2014
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The investment of Trafigura and Mubadala in Porto Sudeste do Brasil S.A. (previously named MMX Porto Sudeste Ltda) has been concluded, upon the investment of US$ 400 million in Superporto Sudeste (PortCo) and the assumption of the totality of the bank debts of the company and its mining subsidiaries at the approximate amount of R$ 1,3 billion.
As a result, Trafigura and Mubadala became indirect holders of 65% of the equity interests in subsidiary Porto Sudeste Participações S.A.. The Transaction also contemplated the restructuring of the existing debt of Superporto Sudeste. In view of the conclusion of the Transaction, PortCo issued Variable Interest Securities (Port11 Securities), which were fully subscribed by MMX.
The shareholders of PortCo executed, on the date hereof, a Shareholders Agreement which sets forth the right of MMX to elect one member of the board of directors of PortCo as long as it holds at least 10% of the equity interest of PortCo, as well as anti-dilution protections of the company’s equity interest in Port
Co.
PortCo and MMX Sudeste also executed the Port Operation Services Agreement, whereby PortCo shall provide port operation services for shipping of 7 million tons of iron ore per year, with the option to ship additional amounts of iron ore in the event certain conditions set forth in the agreement are complied with