Banacol Gets Export Finance

Banacol Group, the fruit producer with operations in Colombia and Costa Rica, has closed syndication of a $32.5m 3-year secured export finance facility. The deal pays 350bp over prime and involves security provided by Banacol’s traditional trading partners, allowing for lenders to be repaid from proceeds of export flows. It was more than 100% oversubscribed and increased from an original launch amount of $15m. Banksville Partners was lead arranger and bookrunner, with Banco Internacional de Costa Rica (BICR) as admin and collateral agent, and Citi as paying agent. The funds were provided by BICR, KfW IPEX-Bank, GML Agricultural Commodity Trade Finance Fund, Rochdale GML Trade Finance Income Fund and the Federated Project and Trade Finance Core Fund. Proceeds will be used by Banacol to finance fruit exports to Germany. According to Banksville, Banacol is the largest producer and second largest exporter of bananas from Colombia, and also produces and exports pineapples from Costa Rica. Banacol owns 11,200 hectares of active fruit plantations in both Colombia and Costa Rica, and has offices in Colombia, Costa Rica and USA, with approximately 9,300 employees.