Global law firm Hogan Lovells has advised ING Bank N.V. and a group of international banks on the successful closing of a US$500m sustainability-linked senior secured borrowing base financing to Geneva-based coffee trader Sucafina.
Based on an initial launch size of US$400m, the borrowing base facility was significantly oversubscribed and subsequently upsized to US$500 million, with commitments received from a globally diverse group of 16 European, American and Asian banks. The financing will be used to refinance Sucafina’s existing two-year US$300m senior secured borrowing base facility, originally dated October 2017.
Along with an existing Brazilian syndicated borrowing base and bilateral loans, the facility will finance the group’s trading operations in the coming years.
Since 2019, the flagship facility includes a sustainability framework. In 2021, Key Performance Indicators now focus on increasing the number of certified farmers, as well as taking measures to reduce the carbon footprint and deforestation in coffee-producing countries.
ING Bank N.V. acted as sole bookrunner, coordinator and documentation agent in the syndication and will act as facility agent for the financing.
A multi-jurisdictional team across six offices at Hogan Lovells acted as counsel on behalf of the banks, led by London partner David Leggott, senior associate Philip Beswick and associate Oliver Travers; New York partner Ricardo Martinez and senior associate Christopher Bonilla; Frankfurt partner Katlen Bloecker and senior associate Antonia Wolf, Amsterdam partner Wouter Jongen and senior associate Art van der Pols; Milan partner Carlo Massini and associate Gian Filippo Bendandi; and Ho Chi Minh City partner Samantha Campbell and senior associate Long Huynh.
In addition, the Hogan Lovells team worked alongside correspondent counsel at Lydian CV (Belgium), Froriep LLP (Switzerland), Bonn Steichen & Partners (Luxembourg), Blake, Cassels & Graydon LLP (Ontario and British Columbia), and Jadek & Pensa (Slovenia).
The firm frequently advises on sustainable finance transactions that promote good governance and a positive social and environmental impact across a spectrum of investments including blended finance and alternative structures, social and development bonds, green and blue finance, financial inclusion products, sustainability-linked loans and bonds, green infrastructure transactions and gender lens investing.
To find out more about Sucafina’s sustainability-linked financing, click here.
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