COFCO Agri Ltd. announced that it has closed $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 GénéraleSumitomo 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