deals
Final buy out
Credit for Conti
Sustainable
commitment
Direct access forfaiting
What's NewS Issue 3 April/May 2000 I I
011 24 March our London branch
completed the arrangement and syn-
dication of a USD 550 million 364-day
Direct Pay I.etter of Credit and USD 100
million three-year Revolving Credit which
enabled the management of the E. D. F
Man, the commodities group, to tïnalize
their buy out of this traditional business
and to raise Commercial Paper in the US
to fund ongoing activities. 21 first-class
banks joined the syndication and have
participated in the letter of credit which is
Rabobank International recently
delivered a revolving line of credit
of Conti Group Companies - the New
York-based group, formerly known as
Continental Grain, that is one of the
world's top cattle fecders and one of the
leading pork and poultrv producers in
the US. Originally a USD 400 million
offering, the deal, with its 2.5 year
maturity and a price at Libor plus 225
basis points, found USD 570 million in
worth of interest front buyers. It also
included an institutional investor tranche
made up of 15-year USD 150 million
notes structured with a rate reset and
priced at 440 basis points above
Treasurics. The funds helped Conti
refinance a previous private placement.
fronted bv Rabobank. The solvency-
friendlv nature of this instrument plus the
front end fees give this transaction a high
ROS. Rabo is a lead bank to this cus-
tomer, a major player in the sugar, mo-
lasses, cocoa and coffee markets. The
transaction was completed as a result of
good relationship management and tight
teamwork within the bank. The team in
cluded several players from three offices -
in London: Sinton Tyler, Robert Halcrow,
Julian Lewry, Hilary Maccabe, Greville
In its continued efforts to promote en-
vironmental sustainability, Rabobank
recently co-sponsored the Second An-
nual Global Green USA's New York
Gala Awards. Led by Bob Bucklin, se
nior vice-president and chief corporate
banking officer, New York's corporate
banking staff attended the gala which
recognized products, projects and poli-
cies designed to improve and secure en-
vironmental sustainability. The event
culminatcd in a speech given by
Mikhail Gorbachev, where he spoke of
changing social attitudes in ways that
promote greater respect and care for
Billyard, Frank van Ekeren, and Rob Har-
ris; in New York: Andrew Sherman, Bar-
bara Hyland and Kevin King; and in
Utrecht, Jan Remie.
Bob Bucklin and Mikhail Gorbachev
the Earth and its future. As Treasurer
of the Board for Global Green USA,
Bucklin plays a kcy role in raising
funds to underwrite the organization's
activities. Founded in 1994, Global
Green USA is an affiliate of Green
Cross International, the organization
created by Mikhail Gorbachev which
seeks to improve the link between man
and environment. Global Green USA
works with individuals, industry and
government to control climate change,
create healthier homes and ncighbor-
hoods, and confront the toxic problems
created during the Cold War.
Rabobank was a key player in structur-
ing a new online system for trading in
forfaiting paper, www.LTPtrade.net. The
system has been developed and operated
by LTP Trade Ltd, an independent com-
pany that spccializes in trade finance tech-
nology, and is the first Internet-bascd deal
ing system for trade finance. 'We see this
system as a major leap forward in utiliz-
ing the huge developments in e-commerce
business and maintaining Rabobank's ad-
vancement in this important medium,'
says Richard Whiting of the forfaiting
desk in London. LTPtrade.net is designed
to promote the efficiency, liquidity, and
transparency of the entire fortfait market
to the benefit of all players concerned. Its
new system will act as an exchange, al-
lowing banks that wish to purchase trade
finance assets direct access to issuers and
sellers. It also provides a central resource
for financial and othcr relevant infornta-
tion on trade finance market borrowers.
Moreover, the system will provide digital
images of the documentary evidence for
each transaction, so that potential pur-
chasers can make a quick and informed
assessment before committing to a pur
chase. All business will be cleared cen
trally to reduce the documentary burden
and lower transaction costs. Says Paul
Landers, also of the forfaiting desk, 'We
hope that we can soon offer the benefit of
this facility to all Rabobank exporting
clients and core business units as part of
an overall forfaiting package'. For en-
Upgrading trade finance services - key players
Richard Whiting (left), Gayle Fisher and
Paul Landers of London's forfaiting team
quiries on forfaiting please contact Paul
Landers or Richard Whiting by e-mail or
telephone: 44 20 7809 3727/ 3720