US$1,300 Million Pre-export receivables backed trade finance facility

June 2, 2017

 Ghana Cocoa Board (“Cocobod”) has mandated Coöperatieve Rabobank U.A. (“Rabobank”), Crédit Agricole Corporate and Investment Bank (“CACIB”), Natixis (“Natixis”), Standard Bank Group (“Standard Bank”), and Sumitomo Mitsui Banking Corporation (“SMBC”), (together, the “Co-ordinating Initial Mandated Lead Arrangers” or “Co-IMLAs” and “Bookrunners” and Ghana International Bank plc (“GHIB”, the "Initial Mandated Lead Arranger” or the “IMLA”) (together with the Co-IMLAs and Bookrunners, the “Arranging Group”) to arrange a US$1,300 million pre-export receivables backed trade finance facility (the “Facility”). The Facility, which is fully underwritten by the Arranging Group, has launched into senior syndication.

 

The Facility will pay a margin of 65bps p.a. over USD LIBOR.

 

The 11 month Facility will be structured similarly to previous Cocobod annual trade finance facilities, the proceeds of which will be used to finance the purchase of the main crop of cocoa beans (and ancillary costs) for the 2017/2018 season commencing in October 2017. The Facility will also include a provision for the re-drawing from April 2018 to May 2018 for the light crop. 

 

Cocobod is a Statutory Public Board, established by the Ghana Cocoa Board Law, 1984 (Provisional National Defence Council Law) which defines its objects and functions. It is the pre-eminent state-owned company in Ghana and is responsible for Ghana’s cocoa industry, with the control over the purchase, marketing and export of all cocoa beans. Cocobod also undertakes research and quality control of the cocoa industry.

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