Deal of the
Month
ASIAN
AGRI
Milking
London MILESTONES
THE MARKET
/fX\
ii-
"WHAT'S News Issue 7 July 1997
info exchange
15
The cliënt: P.T. Asianagro
Lestari, one of the largest
integrated palm oil producers
in Indonesia.
The deal: USD 95 million
syndicated term loan facility.
The players: From P.T.
Rabobank Duta - Christian
Mol, Paul Beiboer, Chaidir
Anwar Sani, and Felix Hartadi
and Kussujanarko (legal), from
APFT Singapore - Ben
Huiskamp and Lee Peck Leng,
and from Rabobank
Singapore's syndications team
- Koh Ban Aik, How Seen
Tiat, Loo Yee Ming, and Jayne
Yu and Quek Yee Sian (legal).
^^Cith plantation coverage of
almost 200,000 hectares,
Asianagro Lestari is one of
Indonesia's major players in the
integrated palm oil business. The
customer was first contacted by
Christian Mol and Paul Beiboer
back in August last year. 'The
Jakarta team decided the best
approach would be to bring in
Ben Huiskamp of APFT to do
an evaluation of this project,'
says Singapore's Koh Ban Aik.
'Ben's work showed it certainly
was a bankable prospect. So we
immediately got together with
our syndications people and
P.T. ASIANAGRO LESTARI
USD 95,000.1)00 Syndicated Term Loan Facility
Loan Stelling Ceremony
Liad Vrrmitrd
Rabobank
Some of the most important players, sitting, from left to right:
hoh Ban Aik - Senior Assistant General Manager Singapore,
Wians Hannaart - Regional General Manager Singapore,
Sukanto Tanoto - Chairman RGMI, Tan Keng Tong - Asian Agri
Group and Christian Mol - President Director Duta Indonesia.
Rabobank London branch recently closed a NLG 200 million
securitization transaction for DSB Voorschotbank B.V.The facility
involves the securitization of personal loans and is funded by
Magenta Capital Corporation,the Rabobank sponsored
commercial paper conduit.The transaction, completed 12June,
is regarded as something of a milestone- it is a first for London
to securitize in the Netherlands and it is Holland's first 'real'off
balance sheet securitization. Benefits to the cliënt include a new
non-bank source of funds and equity substitution to support
growth.The transaction generates attractive fee earnings and is
solvency friendly. According to Sarah Mason, Director
^curitization, 'As a result of the transaction, we have developed
technology which enables securitization in Holland without
giving upfront notice to the underlying obligors.We would hope
to replicate this technique for Dutch corporate clients interested
in securitization.'
In front of the Dutch Stock Exchange in Amsterdam, standing left of
the cow: Evert van Aardenne (left) and Gerard Boekhoven (Rabo
Securities), right of the cow, starting at left: W. Brouwer, A. Vastenhouw
(Stock Exchange) mr. W. Smit (Prolion), mr. P. Oosterling (President
of the Board of Prolion) and J. Eendebalk (Prolion).
worked out a proposal.' The
three-discipline team were up
against tough competition.
'HSBC Investment Bank and
Citibank were the main
contenders, with HSBC
especially using aggressive
pricing to try and win the
mandate.' But it was our people
who won the day on this one. 'It
was all about pooling the skills
we have in the network,' Koh
Ban Aik believes. 'Getting the
mandate is not the end of the
story. You still have to syndicate
it and you still have to do the
paperwork - which required
hard work for this deal because
it involved refinancing loans
from state banks. Our
syndication team and inhouse
legal people in both Singapore
and Jakarta worked incredible
hours to get it all perfect for the
signing on 17 April.' The
agreement was well covered in
the press, a result of the hard
work that pleased everyone
concerned. 'Since this deal was
reported,' Koh says, 'we've been
approached by numerous
plantation owners looking to
work with us. We currently
have four palm oil projects
under serious consideration and
we expect to syndicate more
deals in the coming months.'
Every one of which will take RI
closer to its goal of becoming
the preferred partner for the
palm oil sector.
For more about how to run deals
see page 2.
Rabo Securities has recently
floated Prolion Holding N.V.,
makers of the innovative
(AMS) automatic milking
machine, on the stock
exchange. A maximum of
600,000 stocks will be issued
to generate between NLG15
and 16 million; capital
intended to launch the milk-
robots on the international
market. Listings first
appeared Tuesday, 1 July at
NMAX, the New Amsterdam
Market for young, rapidly
growing companies. Strong
interest meant the
subscription period for retail
investors closed well in
advance of the due date,
according to Rabo Securities'
Gerard Boekhoven. 'Prolion
is a small company with a
high risk/high potential
profile,' he says, 'but it shares
Rabobank's agri-business
focus.' After Nutreco, Prolion
is the second agri company to
enter the Amsterdam stock
exchange this year, with Rabo
Securities lead-
managing both
deals.
Huub Maas
(Rabo Securities)
