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Overview

ICBC contributes to a $210 million USD syndicated loan to Agrovision Peru for long-term growth financing

Commitments (Constant USD, 2023)$34,962,008
Commitment Year•2022Country of Activity•PeruDirect Recipient Country of Incorporation•PeruSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 25, 2022

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banco de Desarrollo del Perú (Cofide, or Corporación Financiera de Desarrollo S.A.
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Credit Suisse AG
  • La Fiduciaria S.A.

Receiving agencies

Private Sector

  • Agrovision Peru S.A.C.

Loan description

ICBC contributes to a USD 210 million syndicated loan to Agrovision Peru for long-term growth financing in 2022

Interest type•Unknown

Collateral

This loan was secured by agricultural assets.

Narrative

Full Description

Project narrative

On April 25, 2022, it was announced that a syndicate of at least four lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $210 million USD long-term, secured syndicated loan agreement with Agrovision Peru S.A.C. — the Peruvian subsidiary of the American Agro Vision Corp., agricultural producer and distributor specializing in superfruits — for company growth purposes. The facility carries an option to upsize the loan for an additional $190 million USD to increase the face value of the facility to $400 million USD. This loan was secured by (i.e. collateralized against) agricultural assets. Credit Suisse, Rabobank, and Santander co-led the facility. It is known that Corporación Financiera de Desarrollo S.A. (Cofide) provided $25 million USD to the facility, and that La Fiduciaria S.A. and ICBC also participated in the facility.

Staff comments

1. AidData does not know the entire syndicate of lenders. This issue warrants further investigation. 2. AidData has assumed ICBC's contribution to the syndicate by subtracting Cofide's known contribution from the face value of the loan ($210,000,000 USD - $25,000,000 USD = $185,000,000 USD), and dividing that value by the remaining syndicate of known lenders ($185,000,000 USD/ 5 lenders = $37,000,000 USD). 3. The following entities played the following roles in the deal: the Echecopar Studio (associated with Baker McKenzie International) of Peru Associates Katherine Zapata de la Piedra and Luciana Palomino provided advice to Agrovision Peru SAC and Jurgen Spihlmann provided legal advice to Credit Suisse. 4. AgroVision facilitates farming, supply chain, and marketing activities across Asian, European, and North American consumer markets.