SMITHFIELD SELECTS
RABOBANK TO REPLACE
J.P. MORGAN CHASE
New dealing
room
Americas
Global
NEWS EVENTS
On 9 June 2011, DCM Americas and
Rabobank Dallas closed, as Sole Lead
Bookrunners, three financings for
Smithfield Foods totalling USD 1.4 billion.
The refinancing consisted of a USD 925
million senior note financing and compa-
nion swap (provided by GFM Derivatives)
initially closed in 2008.
This 'bond-like' solution was the key to
unlocking the cross-sell mandates that
were later achieved as part of the com-
pany's comprehensive refinancings
completed in August 2009 and June 2011
The net result is the elevation of Rabobank
as Smithfield's lead bank, thereby displacing
J.P. Morgan.
million senior secured syndicated
revolver, a USD 275 million fully
underwritten and solely provided
trade receivables securitisation,
and a fully underwritten and
solely provided USD 200 million
term loan renewal.
Rabobank's team executed for this
industry leader a material revolver over-
subscription and the company's first ever
trade receivables securitisation. This
refinancing was guided by the Relation-
ship Development Plan (RDP) initiated
in 2006 with the express purpose of
elevating Rabobank's standing to this
long-time core global pork cliënt and
on the strength of Rabobank's sector
knowledge. The RDP led with the USD 200
Construction is forging ahead on the new
dealing room in the Rabobank Croeselaan
Building in Utrecht, the Netherlands. The
high-tech dealing room will be completed
in mid-2012 and will accommodate 300
employees spread over two trading floors.
The project is part of Rabobank International's
plans to become the number one wholesale
bank in the Netherlands.
Arjo Blok, Head of GFM, said: "Demand for our
services is growing in the Netherlands and
the other 47 countries where we operate. We
need more people to service these clients
and manage their exposures in the currency,
ISSUE 29 OCTOBER 2011 RJ WORLD
First impression of the new high-tech
dealing room, which will accommodate
300 employees spread over two
trading floors.
interest
rates, bonds,
commodities and
equities markets.
"We're using this opportunity
to invest in new technology, new
furniture and a new working space
design. We're creating a truly inspiring
place to work - one that's designed for our
future."