Agricultural Bank of China contributes to a $400 million USD syndicated revolving credit facility to Alvean Sugar for working capital purposes

Project narrative

On April 4, 2017, financial close was reached on a deal a syndicate of 21 banks — including the Agricultural Bank of China (ABC) — entered into a $400 million USD syndicated revolving credit facility (RCF) agreement with Alvean Sugar S.L. — a Spain-incorporated merchandiser and trader of raw and white sugar (commodities) jointly owned by Cargill, Incorporated, a Delaware-incorporated an American privately-held multinational food corporation based in Minnetonka, Minnesota (50% stake) and Copersucar S.A., a Brazil-incorporated privately-held sugar and ethanol exporting company headquartered in São Paulo, Brazil (50% stake) that operates through a Geneva, Switzerland branch — for working capital purposes. This RCF carried a maturity period of 364 days. The proceeds were to be used for general working capital purposes relating to the sugar trading activities of Alvean and its group. Record ID#110708 captures ABC's contribution. In addition to ABC, the following lenders contributed to the RCF: BNP Paribas S.A., Coöperatieve Rabobank U.A. (Rabobank), Natixis, Banco Santander, S.A., CA Indosuez (Switzerland) S.A., Credit Suisse AG, ING Group N.V., Raiffeisen Bank International, ABN AMRO Bank NV, British Arab Commercial Bank PLC (BACB), Commerzbank AG, DBS Bank Ltd., DZ Bank AG, GarantiBank International N.V., Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Société Générale S.A. (SocGen), Banque Cantonale de Genève (BCGE), UBS Switzerland AG, UniCredit Bank AG, and Zürcher Kantonalbank (ZKB). BNP Paribas, Rabobank, and Natixis served as bookrunners and mandated lead arrangers. Santander, Indosuez, Credit Suisse, ING, and Raiffeisen served as mandated lead arrangers. ABN AMRO, BACB, Commerzbank, DBS, DZ Bank, GarantiBank, OCBC Bank, and SocGen served as lead arrangers. ABC, BCGE, UBS, UniCredit Bank, and ZKB served as arrangers. The facility, Alvean's debut, was launched into syndication at $250 million USD and was oversubscribed. On or around March 28, 2018, a syndicate of 26 banks — including the Agricultural Bank of China (Luxembourg) S.A. — entered into a $450,000,000 USD syndicated RCF agreement with Alvean Sugar for working capital and refinancing purposes. The RCF carried a maturity period of 364 days. The proceeds were to be used by the borrower to refinance the $400 million USD syndicated RCF from April 2017 and for general working capital purposes relating to the sugar trading activities of Alvean and its group. Record ID#110709 captures the Agricultural Bank of China (Luxembourg)'s contribution.