Shipbuilding Guarantee Fund ( FGCN )
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1 LATIN AMERICA SHIP & OFFSHORE FINANCE FORUM Shipbuilding Guarantee Fund ( FGCN )
2 Creation: - FGCN was created by Provisional Measure Nr. 429 of May 12, 2008, converted into Law Nr of September 25, 2008 and amended by Law Nr of October 13, Rationalization: - Strengthen support to the shipbuilding industry. - Lack of a financial instrument to protect the credit lending to shipyards. - Pre-salt discoveries increased the need for modern infra-structure for building ships with capability to operate in a 3,000-meter water blade and to drill more than 7,000 meters in the seabed subsoil. - Shipbuilding industry is very competitive worldwide and greatly protected by local governments because of resulting demand for services and goods, highly qualified labor force and significant movement of economic goods with high aggregated value. An industry with strong effect on the development of economic activities.
3 The FGCN: -Participation of the government up to R$5 billion. -Private fund with assets segregated from assets of its quotaholders. - Resources: -Government participation; -Mandatory purchase of quotas by shipyards and owners; -Commissions; -Investments; -Recovery from transactions paid with its resources.
4 Risks Guaranteed: - Guarantees the performance risk of Brazilian shipyards and the credit risk of the financing transactions for the construction or manufacture in a Brazilian Shipyard of: (a) Ships for a Brazilian navigation company that provides cabotage or international sea transport; (b) Ships for inland cargo or passenger transportation of high social interest; (c) Ships for marine or port support or vessels for industrial fishing activities under the National Program for Financing Expansion and Modernization of the National Fishery Fleet Profrota Pesqueira, according to Law No of March 23, 2004, and small vessels for specialized fishery and activities of micro and small fishing entities; or (d) ships for navigation control, protection or security or their modernization; and (e) specialized ships such as floating units or semisubmersibles for the exploration, development and production of oil and gas.
5 - The credit guarantee is due in case of default or acceleration of the loan agreement caused by a failure of the Brazilian shipyard to comply with the construction schedule agreed with the owner. - The performance guarantee is due in case of responsibility of the Brazilian shipyard for non-compliance with its obligations agreed in the construction agreement and/or in case of inadequacy of the construction. - The FGCN guarantee is restricted to the construction period up to the delivery of the acceptance notice of the ship or 24 months after the delivery of the ship by the shipyard, whichever occurs first. Except with respect to vessels to the activities of micro and small fisherman and inland transport of passenger, in which cases the guarantees shall be for the entire term of the ship financing. - 80% of FGCN s resources is destined to cover the credit and performance risk related to the construction and production of specialized ships such as floating units or semisubmersibles for the exploration, development and production of oil and gas.
6 Limitations: -Projects granted by the FGCN shall be leveraged up to 90% of the total investment. - Each financing transaction shall have up to 50% of its balance due granted by the FGCN. - Performance risk guarantee for each ship shall be up to 10% of its total value. - The exposure limit of the FGCN with respect to each entity to be granted is 25% of its total resources.
7 Security to FGCN: -The FGCN guarantees may be secured by the following: (i) Share Pledge of all shares of the shipyard; (ii) Mortgage or fiduciary assignment of the ship being financed; (iii) Personal guarantee of the shipyard controlling shareholders; (iv) Free-lease of the place where the ship is being constructed as well as of the machinery and equipment necessary for its construction; (v) Insurance of at least 3% of the value of the credit granted for financing of specialized ships such as floating units or semisubmersibles for the exploration and production of oil and gas; (vi) Insurance of at least 10% of the value of the credit granted for financing of all other ships mentioned above.
8 Mandatory Purchase of Quotas and Commission: - Upon execution of the credit guarantee or the performance guarantee, the Brazilian shipyard and the owner or shall purchase, respectively, a number of quotas of the FGCN equivalent to 0.25% and 1% of the value being guaranteed. - The guaranteed entity shall also pay a commission to be calculated based on the risk classification of the entity. - Commission: Credit Risk % Risk Classification 0.29% A to D - Commission: Performance Risk Category % Risk Classification I 0.27% A and B II 0.42% C and D
9 Thank you.
10 All rights reserved. This presentation should not be disclosed or distributed to any third party without the prior written consent of Souza, Cescon, Barrieu & Flesch Advogados. This presentation is not and should not be construed as legal advice, which should be obtained specifically for any intended activity or transaction. We assume no responsibility for updating information contained in this presentation. Todos os direitos reservados. Esta apresentação não deverá ser divulgada ou distribuída para qualquer terceiro sem o consentimento prévio e expresso de Souza, Cescon, Barrieu & Flesch Advogados. Esta apresentação não constitui e não deve ser interpretada como aconselhamento legal, o qual deve ser obtido especificamente para qualquer atividade ou operação que se pretenda realizar. Não assumimos qualquer responsabilidade pela atualização das informações contidas nesta apresentação.
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