Natural rubber supply chain manager Halcyon Agri announced that it has successfully completed a refinancing of up to $413 million, replacing existing debts with a mix of term loan and working capital facilities.
Halcyon said ABN AMRO, Credit Suisse and DBS were the mandated lead arrangers and bookrunners for facilities of up to $388 million, and EFA group, representing LH Asian Trade Finance Fund, for facilities of up to $25 million
Halcyon Agri executive chairman and CEO Robert Meyer commented: “This successful refinancing represents another important milestone in Halcyon Agri’s development. With the integration of our businesses substantially complete, our transfer to the SGX-ST mainboard done and long term financing in place, we are well positioned to move forward to the next phase of our development.”
The $388 million facility is a 3-year committed financing package comprising amortizable term loan facilities of up to $188 million and working capital facilities in line with the increased scope and scale of the Group’s operations, totaling $200 million. The proceeds of the financing will be applied to retire existing debts and provide ongoing working capital for operations.
Singapore-based Halcyon Agri is an originator, producer and distributor of natural rubber products used primarily on cars, trucks, agricultural vehicles, aircraft and bicycles.