Natural rubber supply chain manager Halcyon Agri has completed a refinancing of up to US$413mn, replacing existing debts with a mix of term loan and working capital facilities.
The financing is split between a US$388mn syndicated loan from ABN Amro, Credit Suisse and DBS as mandated lead arrangers, and up to US$25mn from EFA Group, representing LH Asia Trade Finance Fund.
The US$388mn facility is a three-year committed financing package comprising amortisable term loan facilities of up to US$188mn and working capital facilities in line with the increased scope and scale of the group’s operations, totalling US$200mn.
The proceeds of the financing will be applied to retire existing debts and provide ongoing working capital for operations.
Halcyon Agri executive chairman and CEO Robert Meyer comments: “This successful refinancing represents another important milestone in Halcyon Agri’s development […] We’re pleased to have received such strong support from our financing partners. These new facilities are comprehensive and align well with the nature of our enlarged operations.”