ECOM Signs a USD 650 million dual tranche Social Impact Revolving Credit Facility - BNP Paribas Switzerland
BNP Paribas Switzerland News & Press
October 12, 2018 -

ECOM Signs a USD 650 million dual tranche Social Impact Revolving Credit Facility

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ABN AMRO Bank N.V., BNP Paribas and Commerzbank AG were mandated by ECOM Agroindustrial Corp. Ltd. (“ECOM” or “The Company”) to arrange the refinancing of their USD 650m Multicurrency Revolving Credit Facility dated 12th October 2016 and subsequently extended in 2017.

The refinancing adds a new 3y RCF (with one 1y extension option) to the existing 1y RCF structure (including three 1y extension options), split USD 216.7m and USD 433.3m respectively. Both tranches include an innovative social impact incentive to interlink ECOM’s social impact objectives and the company’s funding. Any social impact discount received by the Company will be distributed into the ECOM Foundation and ECOM’s Sustainable Management Services division. The ECOM Foundation is a not-for-profit organisation supporting projects in origin producing communities. ECOM’s Sustainable Management Services division is a support function within the Company focused on providing agronomy services and technical assistance to farmers and communities.

The social impact incentive was well received by lenders and the transaction closed oversubscribed with subsequent scale back for all lenders. The syndicate comprises 27 banks including 2 new banks, with the following titles:

 

Bookrunner and Mandated Lead Arranger

  • ABN AMRO BANK N.V.
  • BNP PARIBAS (SUISSE) SA
  • COMMERZBANK AG
  •  HSBC
  • ING
  • Natixis
  • Rabobank
  • RBI
  • Zürcher Kantonalbank

 

Lead Arranger

  • Banco do Brasil S.A.
  • Deutsche Bank
  • KFW Ipex-Bank
  • UBS
  • UniCredit

 

Arranger

  • Agriculture Bank of China
  • Bank of Tokyo-Mitsubishi
  • Credit Agricole (Suisse)
  • DZ Bank
  • Garanti Bank
  • KBC Bank
  • Nedbank
  • OCBC
  • Societe Generale
  • Wells Fargo

 

Participant

  • BCGE
  • BIC-BRED