Sucafina renews $300M sustainability-based credit facility

Sucafina child labour platform

Swiss coffee trader Sucafina and BNP Paribas have announced the renewal of their sustainability linked syndicated borrowing base facility, first established in 2017. Sucafina says the process started several months ago and involved strong cooperation between the company and participating banks. “Following the over subscription of our facility in 2017, Sucafina has been thrilled by the strong and positive response again from the market as soon as the renewal of our main syndicated facility was announced,” Sucafina Chief Financial Officer Philippe Penet says. “Our existing bank group showed a high level of reactivity, commitment, and enthusiasm on the revised competitive terms including the sustainability features and increased tenor. It allowed us to complete the renewal process in a very efficient way and I want to personally thank the banks, the law firms and of course my team for the commitment in the last few weeks.” Read more:
• Oikocredit invests US$4.7 million in Caravela Coffee
• Starbucks issues US$1 billion sustainability bond The facility is a collaborative effort between Sucafina and 11 participating banks, including BNP Paribas. “BNP Paribas is very proud of the services rendered to Sucafina Group by this US$300 million sustainability linked syndicated borrowing base facility, extended now for an additional two years additional period, with, thanks to its excellent track record, all of the initial 11 banks having renewed their commitments,” says Mathieu Durrleman, Sector Head Agribusiness EMEA of BNP Paribas. “The facility, as extended, provides enhanced flexibility to Sucafina coffee merchanting activity and includes coffee on 4 continents, on all possible seas, in 80 warehouses located in 20 countries, with securities taken in 14 of those, as well as receivables on Sucafina's clients located in a larger number of countries. Targets in the sustainability sphere are included and are an important additional feature of this facility.” Sucafina says these sustainability targets, broadly aligned with the Sustainable Development Goals of the United Nations, are an integral part of how it does business. Global Coffee Report has launched a LinkedIn Showcase page. Follow HERE for up-to-date news and analysis of the global coffee industry.

Leave a Reply

Send this to a friend