International Finance Corporation

Klabin refinances Puma II project debt, extends maturities to 2033-34

Klabin has renegotiated the project finance loans backing its Puma II pulp and paper complex, extending maturities and lowering the interest margin. The A Loan now matures in 2034 instead of 2032 and the B Loan in 2033 instead of 2029, with the facilities repriced at SOFR plus 2.04% a year. The amendments were signed with IDB Invest, the International Finance Corporation, the Japan International Cooperation Agency and a group of commercial banks.

Why this mattersLengthening and repricing debt on the group's largest-ever project reduces near-term refinancing pressure and signals continued lender support for Klabin's expansion capital structure.

• Puma II is Klabin's largest investment to date, costing about BRL 12.9bn (USD 2.54bn)
• A Loan maturities extended from 2032 to 2034
• B Loan maturities extended from 2029 to 2033
• New financing cost set at SOFR plus 2.04% a year
• Lenders include IDB Invest, IFC, JICA and commercial banks
• Puma II, in Ortigueira, Parana, started up in 2021 with 450,000 tonnes a year of kraftliner capacity

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