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Overview

Bank of China contributes $30 million USD to a $500 million USD syndicated revolving credit facility to ECOM Agroindustrial Corp. and ECOM Agroindustrial Asia for general corporate expenditure, working capital requirements, and refinancing purposes

Commitments (Constant USD, 2023)$31,923,791
Commitment Year•2017Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2017
Last repayment (originally scheduled)
Apr 1, 2018

Geospatial footprint

Map overview

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The project was a syndicated revolving credit facility agreement with Swiss agriculture company ECOM Agroindustrial Corp Limited, headquartered at Av. Guillemin 16, 1009 Pully, Switzerland. More detailed locational information can be found at: https://www.openstreetmap.org/way/90694527

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • ABN AMRO Bank NV
  • Australia and New Zealand Banking Group (ANZ)
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • DBS Bank Ltd.
  • HSBC Bank PLC
  • ING Bank N.V.
  • KBC Group N.V.
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Standard Chartered Bank PLC
  • UBS Group AG
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)
  • United Overseas Bank Limited (UOB)

State-owned Banks

  • Emirates NBD Bank P.J.S.C.
  • National Bank of Abu Dhabi PJSC (NBA)
  • PT Bank Negara Indonesia (Persero)

Receiving agencies

Private Sector

  • ECOM Agroindustrial Asia Pte. Limited (EAA)
  • ECOM Agroindustrial Corp. Limited (EACL)

Guarantors

Private Sector

  • Agroindustrias Unidas de México, S.A. de C.V.
  • Dutch Cocoa B.V.
  • ECOM Agroindustrial Asia Pte. Limited (EAA)
  • ECOM Agroindustrial Corp. Limited (EACL)
  • ECOM Agrotrade Limited
  • Ecom Atlantic, Inc.

Loan desecription

2017 syndicated $500 million USD revolving credit facility from BoC and others to ECOM Agroindustrial Corp. and ECOM Agroindustrial Asia for general corporate purposes

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

In April 2017,a syndicate of 18 banks — including the Bank of China (BOC) — entered into a $500 million USD syndicated revolving credit facility (RCF) agreement with ECOM Agroindustrial Corp. Limited (EACL) — a Pully, Switzerland-based privately-held global commodity trading and processing company specializing in coffee, cotton, and cocoa — and ECOM Agroindustrial Asia Pte. Limited (EAA) — a Singapore-incorporated subsidiary of ECOM Agroindustrial Corp. — for general corporate expenditure, working capital requirements, and refinancing purposes. This loan carried a maturity period of 364 days. The proceeds were to be used by the borrowers for their general corporate expenditure and working capital requirements, including refinancing a $470 million USD facility dated April 8, 2016. BOC contributed $30 million USD to the loan syndicate. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: ABN AMRO Bank N.V. ($45 million USD), DBS Bank ($45 million USD), ING Bank N.V. ($45 million USD), Coöperatieve Rabobank U.A. (Rabobank) ($45 million USD), HSBC Bank Plc ($35 million USD), Australia and New Zealand Banking Group (ANZ) ($30 million USD), Commerzbank ($30 million USD), CTBC Bank ($30 million USD), National Bank of Abu Dhabi (NBA) ($30 million USD), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($30 million USD), UBS AG ($20 million USD), UniCredit S.p.A. ($20 million USD), United Overseas Bank Limited (UOB) ($30 million USD), Emirates NBD Bank PJSC ($15 million USD), Standard Chartered Bank Plc ($15 million USD), PT Bank Negara Indonesia (Persero) ($5 million USD), and KBC Group N.V. ($10 million USD). ABN AMRO, DBS, ING, and Rabobank served as mandated lead arrangers and bookrunners. BOC, ANZ, HSBC, Commerzbank, CTBC Bank, NBA, and OCBC BAnk served as mandated lead arrangers. UBS, UniCredit, and UOB served as lead arrangers. Emirates NBD, Standard Chartered, Persero, and KBC served as arrangers. 14 banks joined in syndication, which was launched in Asia in February 2017 and initially targeting $400 million USD with the loan increasing to $500 million USD because of oversubscription.