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

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.

Additional details

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.

Number of official sources

3

Number of total sources

5