GENEVA--(BUSINESS WIRE)--COFCO Agri Ltd. is pleased to announce that it has closed USD 2.6 billion syndicated credit facilities.
“The success of this transaction constitutes a vote of confidence that our strategy is on target,” said Patrick Yu, President of COFCO Corporation. “The support of such strong partners is critical to our ability to realize our vision of a global and integrated agribusiness.”
“We are pleased that the strong support of the banks resulted in an over-subscription of our offering,” said Matt Jansen, Chief Executive Officer of COFCO Agri Ltd. “I want to thank all parties for what has been a remarkably successful syndication process.”
ABN AMRO Bank N.V., Singapore Branch and Bank of China Limited, Singapore Branch acted as Co-ordinators, and were joined by Agricultural Bank of China Limited, Singapore Branch, China Construction Bank Corporation Singapore Branch, China Development Bank Corporation Hong Kong Branch, China Merchants Bank Co., Ltd., Singapore Branch and Industrial and Commercial Bank of China Limited, Singapore Branch as Senior Bookrunning Mandated Lead Arrangers prior to launch. ABN AMRO N.V. also acts as Facility Agent.
The transaction comprises a 364-day revolving credit facility, a 3-year revolving credit facility, and a 3-year term loan facility. All facilities are committed and unsecured, and guaranteed by COFCO (Hong Kong) Limited. The Facilities will be used to refinance the Company’s existing debt and for its general corporate purposes.
The syndication was launched in July 2016 with a road show in Singapore and received overwhelming support from 22 international banks with circa 100% oversubscription. COFCO Agri Ltd. restricted the final amount at USD 2.6 billion and scaled back lenders’ commitments.
The following banks joined the transaction:
Senior Bookrunning Mandated Lead Arrangers
ABN AMRO Bank N.V., Singapore Branch
Agricultural Bank of China Limited, Singapore Branch
Bank of China Limited, Singapore Branch
China Construction Bank Corporation London Branch
China Construction Bank Corporation Singapore Branch
China Development Bank Corporation Hong Kong Branch
China Merchants Bank Co., Ltd., Singapore Branch
Industrial and Commercial Bank of China Limited, Singapore Branch
Bookrunning Mandated Lead Arrangers
Bank of America N.A.
BNP Paribas
Commonwealth Bank of Australia, Singapore Branch
Coöperatieve Rabobank U.A., Singapore Branch
DBS Bank Ltd.
DBS Bank Ltd., Hong Kong Branch
First Gulf Bank PJSC Singapore Branch
ING Bank N.V., Hong Kong Branch
National Bank of Abu Dhabi PJSC, Hong Kong Branch
Société Générale
Sumitomo Mitsui Banking Corporation
United Overseas Bank Limited
Westpac Banking Corporation
Mandated Lead Arrangers
Banco Bilbao Vizcaya Argentaria, S.A., Singapore Branch
Crédit Agricole Corporate and Investment Bank, Hong Kong Branch
National Australia Bank Limited