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Overview

Bank of China provides $160 million loan to Australis Mar to refinance its existing debts and fund its corporate and working capital requirements.

Commitments (Constant USD, 2023)$166,077,999
Commitment Year•2019Country of Activity•ChileDirect Recipient Country of Incorporation•ChileOverseas Jurisdiction•Macau (China)Sector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 6, 2019

Stakeholders

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

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Australis Mar S.A.

Guarantors

Joint Venture/Special Purpose Vehicles

  • Food Investment SpA

Loan description

Bank of China provides $160 million loan to Australis Mar to refinance its existing debts and fund its corporate and working capital requirements.

Interest type•Unknown

Narrative

Full Description

Project narrative

On August 6, 2019, Australis Mar S.A. — a special purpose vehicle and subsidiary of Australis Seafoods S.A., which is a subsidiary of the Legend Holdings-owned Joyvio Group — signed a $160 million loan agreement with the Macau Branch of Bank of China to refinance its existing debts and fund its corporate and working capital requirements. Bank of China acted as mandated lead arranger and bookrunner, original lender, agent and security agent. The loan was guaranteed by Food Investment SpA, a special purpose vehicle and Chilean subsidiary of Chinese corporation Legend Holdings Corporation through its Chinese affiliate Joyvio Agriculture Development Co.

Staff comments

1. AidData has coded this transaction as a collateralized loan because Bank of China was selected as the security agent (i.e. collateral agent) for the loan. When lenders take collateral as security for their loans, a collateral/security agent is often appointed to enforce rights against the collateral in the event of the borrower's default under the loan. 2. Legend Holdings Corporation is a partially state-owned company. Chinese Academy of Sciences State-owned Asset Management Limited Liability Company holds a 29% ownership stake in Legend Holdings. 3. Joyvio Agriculture Development Co. (or ‘Joyvio Group’), through its subsidiaries, produces and sells fresh fruits, processed foods, and food materials in China and internationally. The company was founded in 2010 and is based in Beijing, China.