According to bank provided information, IFC is invited to provide a US$7.5 million A loan and US$7.5m in B/parallel loans to Mammoth Foam Africa (“MFA” or the “Company”), a leading producer of polyurethane foam mattresses, spring mattresses and related foam and bedding products, operating through three subsidiaries in Kenya (Super Foam), Uganda (Euroflex) and Malawi (Vitafoam), to create a single consolidated group long-term loan, and to improve efficiency, expand production, and build storage capacity, among other capex investments.
The total project cost is US$26.5 million, of which (i) US$21.9 million to refinance and consolidate into one long-term loan, a combination of short and long-term loans of the subsidiaries inherited from the consolidation process of these subsidiaries; and (ii) US$4.6 million capex to improve efficiency, expand production, and build storage capacity, among other investments (the “Project”). The Project will be financed with US$15 million debt, US$5.2 million working capital facility, and US$6.3 million equity to be contributed on a pro-rata basis from existing shareholders.
MFA’s shareholders are Catalyst Mattress Africa (80%), Avuma (11%) and Foamex Holdings (9%). Catalyst Mattress Africa is a non-operational holding entity owned by Catalyst Fund II, a private equity fund mainly funded by Development Financial Institutions (CDC, EIB, IFC, PROPARCO, AfDB, DEG, etc.), and FISEA, a fund of the French Development Agency managed by PROPARCO.
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