Proteak Uno, S.A.B. de C.V. Obtains $65 Million Credit Facility from International Finance Corporation and Promotion and Participation Agency for Economic Cooperation
January 18, 2017 at 01:30 pm EST
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Proteak Uno, S.A.B. de C.V. announced that the International Finance Corporation and the Promotion and Participation Agency for Economic Cooperation, granted a multilateral credit facility for $65 million, an unprecedented event in Mexico. This facility will be utilized to support the company's rapid growth through the sustainable development of up to 10,000 new hectares of commercial forest plantations and restructure Proteak's current debt with improved conditions.
Proteak Uno SAB de CV (Proteak) is a Mexico-based forestry sector company. It operates through three business segments: Forestal, where the main activities are commercial forest plantations of teak located along Mexicoâs Pacific coast and in Colombia, as well as acacia plantation in Costa Rica; Operations, which involves marketing of semi processed timber; Trading which consists of the marketing of roundwood timber and the development of the commercial side of the Company without limiting the capacity of Operations segment. Proteak offers teak wood products, such as carts, cutting boards, counter tops, lumber, as well as flooring and decking products, among others. Proteak owns around 18000 planted hectares in total (mainly teak and eucalyptus). Assets are located in five countries and export activity is performed in three continents. In 2013, it acquired eucalyptus plantation, a shorter-cycle timber and a land plot as a basis for its new MDF (medium-density fiberboard) project.
Proteak Uno, S.A.B. de C.V. Obtains $65 Million Credit Facility from International Finance Corporation and Promotion and Participation Agency for Economic Cooperation