Mandated lead arrangers and underwriters HSBC Bank (facility agent) and WestLB AG (documentation) have been mandated to arrange a debut five-year US$125mn five-year amortising syndicated term loan facility for Allana International Limited. The facility has been launched into a limited general syndication.
Allana is the holding company for the International Foodstuffs Company group of companies (IFFCO), which is one of the leading food manufacturing groups in the Gulf region. IFFCO, headquartered in Sharjah, UAE, was initially established as a trading house in 1975 and is guarantor for the deal. Over the last 28 years the group has been transformed from a trading company to a highly successful, dynamic and well-integrated group of companies, which manufactures and markets a wide range of consumer food products.
There is a two-year extension option at lenders” discretion. Tickets offered to lenders are: arrangers at US$15mn; co-arrangers at US$10mn; and lead managers at US$5mn.
IFFCO’s business segments comprise Food and Beverages and Non-Food. While its primary market is the Gulf Co-operation Council (GCC) countries, it also exports product to nearly 60 countries.
The loan is for refinancing and general corporate purposes.