J)eal of the month IT Update 100% Cotton WHAT'S NewS Issue 2 February 1997 info exchange 15 The deal: USD 23.6 million pre- export finance for Uzbecki cotton The cliënt: Louis Dreyfus Cotton International, Belgium The players: Rogier Delcroix (corporate banking) and Ivo van den Nest (legal department), Antwerp; Erik van de Peer (corporate finance), Brussels; Fred van Hedel and Piet Bijlard (international trade finance), and Leonie Westerhof (legal department), Utrecht; and Toon Bullens, Interpolis Reinsurance. Intense cooperation between the Jaank's Belgian and Utrecht ^rerations led to the successful closure of what can only be described as a very special deal. Antwerp's cliënt, Louis Dreyfus Cotton International was Trom the left to the right: Ivo van den Nest, Eric van de Peer ^^jid Rogier Delcroix. looking ahead Toon Bullens, Interpolis Reinsurance. looking for a cotton pre-export finance of USD 23.6 million for Uzmarkazimpex of Tashkent. This was no easy assignment and the team was not only required to come up with creative ideas, but also had to carry out extensive research into cotton production in Uzbekistan in order to prepare the vast number of proposals needed for this deal. Says Fred van Hedel: 'That alone would make this deal special. But I think it's exceptional for two other reasons. One is that country risk on Uzbekistan is generally rated as exceptionally high. As a result, only a very few banks are prepared or even able to handle a deal like this. We've shown that Rabobank International is one of them because we have been able to Answer from page 2 SWIFT is the abbreviation for Society for Worldwide Interbank Financial Telecommunications. structure this deal creatively. By putting together a cluster of guarantors and counter- guarantees from sister company Interpolis Reinsurance, we have maintained our own country limit of USD 3 million and have simultaneously strengthened the relationship with the cliënt.' The second is that the players have insured a transaction for the first time with a so-called 'private insurer'. This has been a real learning curve,' Van Hedel confirms. 'With the experience we have gained from negotiating policy conditions with brokers and underwriters, we believe we have found a method of placing country and transactions risks with insurers.' Fred van Hedel (left) and Piet Bijlard. Our regular column on IT developments has become superfluous - a dedicated publication is now available. If you would like a copy of IT News, then contact Cees van Rest at NDS who can place you on the mailing list. His number is:+31 (0)30 2162231. Ofcourse we will keep you informed about major developments. Rabobank's now annual international F&A conference is fast approaching. Cotton is a fascinating topic because its production is merely the beginning of a long chain of relationships that ultimately lead to the end-user. In recent decades, the textile industry has undergone major changes as production shifted rapidly to Asia, mainly at the expense of Western Europe. It is these developments and a whole range of related topics, such as new technology, risk man agement and environmental issues which have attracted participants from all over the world. Says Rod Campbell of Rabo Australia's corporate banking: 'The level of interest in the conference from the local industry here has been very high and we expect a large number of delegates to attend. This annual conference is well regarded now and it will help raise our profile as "knowledge bank", rather than merely a provider of credit.' The conference will be held in San Francisco on March 12 to 14. Rod Campbell, Rabo Australia February 12-13 25-26 March 3-4 12-14 12-15 25-26 April 14-17 May 7-9 q^22-23 Roadshow Switzerland International Bond Congres, London Fruit Conference, London VIV Asia, Bangkok World Cotton Conference, San Francisco European GM conference, Netherlands Studies March Roadshow Tokyo VIV Latin America,Sao Paulo UNICO Conference, Maastricht Fresh Fruit KATOEN POLIS Kantoor Antwerpen, Brussel en Utrecht wisten met behulp van Interpolis Reinsurance de bijna onmogelijke exportvoor financiering voor Louis Dreyfus Cotton Intl.op Uzmarkazimpex in Tashkent rond te krijgen. Hiervoor was niet alleen een grondige studie van de katoenproductie in Uzbekistan, maar ook het trotseren van het extreem hoge landenrisico,door het inschakelen van een private verzekeraar, noodzakelijk.

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