Hogan Lovells Advises On US$3.2 Billion Loan To The COFCO Group
08 July 2014
HONG KONG, 8 July 2014 – Hogan Lovells' Hong Kong banking team has advised a syndicate of 11 banks in relation to a US$3.2 billion loan to the COFCO Group ("COFCO") to finance COFCO's acquisitions of a 51% stake in Noble Group Limited's agri-business, and a 51% stake in Nidera, the Dutch commodity trader and agri-business company.
The loan comprised a US$1 billion 12 month bridge tranche and a US$2.2 billion 5 year tranche. This tightly priced deal represented a rare opportunity for banks to lend to a strategically important company, one of China's largest state-owned companies. COFCO is the largest supplier of diversified products and services in the agricultural products and food industry in China and is a Fortune 500 company.
HSBC acted as co-ordinator for the bank syndicate which also included DBS, Bank of China, The Bank of Tokyo-Mitsubishi, Société Générale, Commonwealth Bank of Australia, Rabobank, Westpac Banking Corporation, BBVA, ANZ and Standard Chartered.
The Hogan Lovells team advising the banks was led by Hong Kong banking partners Gary Hamp and Owen Chan and of counsel Salam Bassili and assisted by associate Alan Wong.