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, 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. 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

Rabobank Bronnenarchief

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