DCM Dunas FIDC (IFC-39878)

Countries
  • Brazil
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 11, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
DUNASPLUS CORP
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 5, 2018

Disclosed by Bank Nov 8, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The proposed transaction (the “Project”) consists of an investment in the Senior quotas of the Exten Apoio SME FIDC (Fundo de Investimento em Direitos Creditórios), a special investment vehicle under Brazilian law for the offering and distribution of credit risk instruments to Institutional Investors, to be sponsored by Exten Corp. (“Exten” or the “Sponsor”), formerly named DunasPlus Corp. The fund will make advances based upon B2B domestic performed trade receivables, which are generated by Brazilian SMEs (“Originators”) on goods sold / services provided to other Brazilian companies (“Obligors”). The investment is up to US$15 million equivalent in BRL.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

The FIDC is sponsored by Exten (a non-regulated finance company), responsible for the credit origination, underwriting and collection efforts. Exten presents a strong track record in the FIDC and invoice discounting spaces, having established one of the first securitization trusts in Brazil targeting SMEs in 2007.
Exten Corp. was incorporated as a holding company in the Cayman Islands in 2015 initially as Dunas Plus Corp. It has recently changed its name to Exten Corp, as part of a new branding exercise. It is owned by Joao Batista (26.7% participation), Paul Gilson (13.3% participation), Tom Cauchois and Alicia Noyola (26.7% participation), Accion Frontier Inclusion Fund, L.P. (16.6%), responsAbility Participations AG (16.6%) and Brean Capital LLC (.13%). It has five operational units: Dunas Plus Soluções (Origination, Collections and Master Servicer); Brazil Plus Investment Management; Brazil Plus Investimentos; Brazil Plus Participações (Securitization Vehicles Managers, Functionaries) and Supera Ltd. (Transformation, Technology), all of whom will be renamed to coordinate with the Exten name change.

Contact Information

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/