Narrative
Full Description
Project narrative
On June 5, 2014, BRF S.A., a Brazilian food processing company, announced that it had secured a $1 billion revolving credit facility for liquidity support from a syndicate of 28 banks, including Bank of China. The revolving credit facility had a 5 year maturity (final maturity date: May 31, 2019). On February 22, 2019, BRF S.A. announced its termination of this revolving credit facility because the company did not require the additional liquidity through the May 31, 2019 maturity. This revolving credit facility replaced a $500 million revolving credit facility from 2012, which had a 3-year maturity. BRF S.A. reported that the 2014 revolving credit facility had better conditions and rates than the 2012 facility. The syndicated loan lead arrangers were Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Morgan Stanley Senior Funding, Inc., and Santander Investment Securities Inc. The 28 banks involved in the syndicated loan are as follows: Citibank, N.A., HSBC Bank USA, N.A., Morgan Stanley Bank, N.A., Banco Santander (Brasil) S.A., Banco do Brasil, S.A., Bank of China, Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, ING Bank N.V., Itau Unibanco S.A., Mizuho Bank, Ltd., National Bank of Abu Dhabi PJSC, Rabobank Curacao N.V., Scotiabank & Trust (Cayman) Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, First Gulf Bank PJSC, Intesa Sanpaolo S.p.A., Bank of America, N.A., Banco Bilbao Vizcaya Argentariea, S.A., Banco Bradesco S.A., Banco BTG Pactual S.A., Deutsche Bank AG, JPMorgan Chase Bank, N.A., Malayan Banking Berhad, Societe Generale, Bank of Taiwan, and Mega International Commercial Bank Co., Ltd.
Staff comments
1. The breakdown of contributions between the 28 banks to this $1 billion revolving credit facility is unknown. For now, AidData has assumed that each bank contributed equally ($35,714,285.71 USD) to the syndicated loan.