Narrative
Full Description
Project narrative
On May 5, 2023, financial close was reached on a deal in which a syndicate of 24 banks — including ICBC — entered into a $4.11 billion USD syndicated revolving credit facility agreement with Viterra, a global agricultural commodity trading and processing company headquartered in Rotterdam, Netherlands, with major operations in Canada. The facility has a one-year maturity with a borrower’s term-out option to May 2025 and a one-year extension option at the lenders’ discretion. The interest rate is Daily Simple SOFR plus 65 basis points per annum. The proceeds were used to refinance an existing $4.1 billion USD revolving credit facility signed in May 2022, supporting Viterra’s working capital and general corporate purposes. While ICBC contributed to this loan, the following lenders also participated: HSBC (coordinator), Société Générale (sustainability coordinator), Barclays, CIBC, Citigroup, Crédit Agricole, Deutsche Bank, HSBC, ING, JP Morgan, Mizuho, MUFG, Natixis, Rabobank, RBC, Santander, SEB, SMBC, TD, UBS (bookrunners), DBS, Erste Group, Intesa Sanpaolo, and Raiffeisen Bank International (MLAs).
Staff comments
1. The entirety of the loan contract is not accessible. 2. Viterra is a global agricultural commodity trading and processing company headquartered in Rotterdam, Netherlands, with Canadian origins dating back to the 2007 merger of Saskatchewan Wheat Pool and Agricore United. It operates in over 60 countries and is jointly owned by Glencore plc (55%), CPP Investments (40%), and BCI (5%). 3. AidData estimates the interest rate by adding the SOFR rate in May 2023 and the stated margin of 0.65%. 4. The individual contributions of the 24 lenders to this $4.11 billion USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($171,250,000 USD) to the loan syndicate.