Agricultural Bank of China (Luxembourg) contributes to a $450 million USD syndicated revolving credit facility to Alvean Sugar for working capital and refinancing 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. Then, 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. In addition to Agricultural Bank of China (Luxembourg), the following lenders contributed to the RCF: BNP Paribas (Suisse) S.A., Coöperatieve Rabobank U.A. (Rabobank), CA Indosuez (Switzerland) S.A., Natixis, ABN AMRO Bank N.V., the London Branch of Banco do Brasil S.A., Banco Santander, S.A., Credit Suisse (Switzerland) Ltd., the Zurich Branch of HSBC Bank PLC, Raiffeisen Bank International AG, the Paris Branch of ABC International Bank PLC, British Arab Commercial Bank PLC (BACB), the London Branch of DBS Bank, DZ Bank AG, the London Branch of Erste Group Bank AG, GarantiBank International N.V., the Geneva Branch of ING Belgium, Oversea-Chinese Bank Corporation Limited (OCBC Bank), the Zurich Branch of Société Générale S.A. (SocGen), UniCredit Bank AG, Banque Cantonale de Genève (BCGE), the London Branch of Banco Bradesco Europa S.A., Union de Banques Arabes et Francaises (UBAF), UBS Switzerland AG, and Zürcher Kantonalbank (ZKB). BNP Paribas (Suisse), Rabobank, CA Indosuez, and Natixis served as bookrunners and mandated lead arrangers. ABN AMRO, Banco do Brasil, Banco Santander, Credit Suisse, HSBC Bank, and Raiffeisen Bank served as mandated lead arrangers. BACB, DBS Bank, DZ Bank, Erste Group Bank, GarantiBank, ING Belgium N.V./S.A., OCBC Bank, SocGen, and UniCredit Bank served as lead arrangers. Agricultural Bank of China (Luxembourg), BCGE, Banco Bradesco Europa, UBAF, UBS Switzerland, and ZKB served as arrangers. The RCF was launched at $350 million USD and then oversubscribed in syndication and increased to $450 million USD.