A Florida court has handed down a judgment in a case brought by Costa Rican citizens against Amedex Insurance Co, a US insurance company with which the plaintiffs held major medical insurance in Costa Rica. The plaintiffs claimed that Amedex breached the insurance contract and violated Florida insurance laws in availing itself of the non-renewal clause contained in the policies.
Stringent new rules on the monitoring and control of mining activities in Brazil have been introduced and it is hoped that these will send a positive signal to potential investors. An Administrative Rule issued by the National Department of Mineral Production (Departamento Nacional de Produção Mineral - DNPM) was enacted on October 18 consists of of 22 regulations aimed at curbing clandestine mining activity, and the large number of industrial accidents associated with it, as well as the adverse environmental impact of mining activity in general.
Gilat Satellite Networks has structured a joint venture with the major Brazilian Internet service provider UOL and Star One (a satellite services company controlled by MCI WorldCom). The venture sets up a high-speed, broadband Internet access service through a two-way satellite-based network using VSAT technology. Gilat was acting through its subsidiary Gilat-to-Home Latin America (Netherlands Antilles) NV. The transaction was concluded this autumn.
PDVSA Finance Ltd, a fully owned subsidiary of Petróleos de Venezuela, SA, the Venezuelan state-owned oil conglomerate, is to issue a note programme of approximately US$1.5 billion. Credit Suisse First Boston and Goldman Sachs & Co., are acting as underwriters.
The Home Depot has sold its five stores in Chile to its joint venture partner, Falabella. The transaction closed on October 31.
The Mexican television and media conglomerate Grupo Televisa, SA has sold of 50 per cent of its radio broadcast division, Sistema Radiopolis, to the Spanish media group Promotora de Informaciones, SA. The transaction involved foreign investment through so-called ‘neutral’ stock. The deal worth US$60 million was concluded on October 14.
Agrigoods Ltd has issued senior floating rate notes in order to make an advance payment and export supply to Vicentín SA. Banco Europeo para América Latina (BEAL) and Westdeutsche Landesbank Girozentrale acted as arranger, securities intermediary and collateral agent. Liberty Mutual Insurance acted as surety. The transaction, which was closed on October 15, was valued at US$80 million.
The Portuguese company Companhia Mineira de Talcos Ltd. (COMITAL), has entered into a joint venture agreement with Fábricas Nacionales de Papel (FANAPEL), an Uruguayan company, to set up industrial facilities for the production of chemical products for paper and painting companies. The plant opened for business on October 12.
Corporación Andina de Fomento (CAF) has granted a US$250-million A/B loan to Bavaria SA, a major Colombian brewery.
Sepetiba Tecon SA, holder of the public concession to operate the container terminal of the port of Sepetiba in the State of Rio de Janeiro, has concluded a project finance deal with International Finance Corporation (IFC). IFC has agreed to provide loans of up to US$40 million to Sepetiba Tecon.