Brazil’s Cooperativa dos Agricultores da Regio de Orlndia (Carol) and Rosemount Global Trade Finance Fund have closed a US$40mn syndicated structured pre-export facility that was disbursed at the end of April. The facility is repayable over a 41-month period and is secured by crops, inventory and export receivables.
Carol will use the funds for its co-operative members to produce and export soybeans and soybean by-products to pre-approved offshore buyers.
Rosemount was mandated lead arranger and bookrunner on the transaction. It was joined at the arranger level by Bayerische Landesbank, New York and Standard Bank Plc, and at the co-arranger level by VTB Bank (France). BPN Brasil – Banco Mltiplo, Growth Management Limited, Pacific Asset Funding, and Zrcher Kantonalbank joined as managers. Law Debenture Trust Company of New York is the administrative agent and collateral agent.
The facility was originally launched at US$30million and was upsized and closed out by Carol at US$40mn. This syndicated loan further evidences Rosemount Capital’s ability to tap both traditional and non-traditional trade finance lenders to provide debt capital to trade finance borrowers in the developing markets, claims the firm.
According to Jose Eduardo Senise, executive director at Carol, “We are very pleased with this deal. The cooperative has been working toward international standards in terms of corporate governance and has made huge strides in this regard. We believe that transparency is a key factor in gaining access to the international markets overall and this successful deal is, in some way, one of the results of this continuous process.”
Carol is Brazil’s fourth largest cooperative in terms of gross revenues and is one of the country’s major exporters of soy and soy products. The company is headquartered in Orlndia and supports over 4,000 farmer members in the states of So Paolo, Minas Gerais and Gois.
Rosemount Global Trade Finance Fund is managed by New York-based Rosemount Capital Management. The fund was launched in December 2005 and works with exporters, importers and banks on a global basis to provide traditional and innovative trade finance debt facilities.