Cofco Agri has closed a US$2.6bn syndicated credit facility with a host of international banks.
The Chinese commodity house, which was formed after Cofco completed the purchase of the agricultural unit of troubled Noble Group earlier this year for US$750mn, launched the syndication in July in Singapore.
The deal was 100% oversubscribed – an indication of the lack of viable deals the banks are seeing in the sector. Cofco settled on US$2.6bn, having scaled back lenders’ commitments.
Senior bookrunning mandated lead arrangers (MLAs) were: ABN Amro, Agricultural Bank of China, Bank of China, China Construction Bank, China Development Bank, China Merchants Bank and ICBC.
Bookrunning MLAs were: Bank of America Merrill Lynch, BNP Paribas, Commonwealth Bank of Australia, DBS, First Gulf Bank, National Bank of Abu Dhabi, Rabobank, Société Générale, SMBC, United Overseas Bank, Westpac.
MLAs were: BBVA, Crédit Agricole and National Australia Bank.
No further detail on the terms of the facility were available from Cofco.