US$250-million note issue by Brazilian pulp-maker

Brazil’s largest pulp-maker, Aracruz Celulose SA (Aracruz), has issued US$250 million in 5.984 per cent promissory notes due 2009 secured by a future shipment of bleached eucalyptus market pulp. The notes, insured by XL Capital Assurance Inc, received a final AAA rating. Greenberg Traurig LLP advised the issuer; Levy & Salomão Advogados and Sidley & Austin Brown & Wood LLP advised Salomon Smith Barney as underwriter. Dewey Ballantine LLP represented the insurer. The transaction closed on February 6.