Pierre-Alexandre Degehet, Partner at BSP, assisted by Kateryna Nevmerzhytska, Associate, has acted as Luxembourg counsel supporting ING Bank N.V. and a group of international banks on the successful closing of a US$500m sustainability-linked senior secured borrowing base financing to Geneva-based coffee trader Sucafina.
The borrowing base facility was significantly oversubscribed and subsequently upsized to US$500 million being the initial launch size of US$400m, with commitments received from a group of 16 European, American and Asian banks. The financing will be used to refinance Sucafina’s existing two-year US$300m senior secured borrowing base facility, originally dated October 2017. Along with an existing Brazilian syndicated borrowing base and bilateral loans, the facility will finance the group’s trading operations in the coming years.
Since 2019, the flagship facility includes a sustainability framework.
In 2021, Key Performance Indicators now focus on increasing the number of certified farmers, as well as taking measures to reduce the carbon footprint and deforestation in coffee-producing countries. ING Bank N.V. acted as sole bookrunner, coordinator and documentation agent in the syndication and will act as facility agent for the financing. Hogan Lovells acted as lead counsel on behalf of the banks with a multi-jurisdictional team across six offices and worked alongside correspondent counsel at Lydian CV (Belgium), Froriep LLP (Switzerland), BSP | Bonn Steichen & Partners (Luxembourg), Blake, Cassels & Graydon LLP (Ontario and British Columbia), and Jadek & Pensa (Slovenia).
The new residency system for UK residents in Luxembourg who fall within scope of the Withdrawal Agreement ends on 30 June 2021. There are still a significant number of people who still need to apply before the deadline. You must apply now for your new residency card to remain legally resident in Luxembourg after 30 June 2021. Check the Luxembourg guidance for more information on the new residency system - https://bit.ly/38nCvdt
Anderson Wise, the Henka Institute and fts global announced today they have entered into a Partnership. Darren Robinson, Managing Partner at Anderson Wise says ‘This partnership underscores our commitment to supporting our candidates’ career journey and helping our clients create a performant yet sustainable organisation. At Anderson Wise, we care deeply that people feel well in their environments and integrate well with their new employers enabling them to grow and perform. I have personally known those involved with The Henka Institute and fts global for many years and I’m delighted to be working closely with them and together bringing our clients leading-edge services to support the life-cycle of their workforce.’
PwC Luxembourg announced the release of its “Securitisation in Luxembourg - A comprehensive guide” as a part of a series of publications related to Securitisation in Luxembourg. The publication provides a market overview, introduction to securitisation techniques and the Luxembourg Securitisation Law. It also covers accounting, tax, regulatory and other aspects.