The proposed investment is an up to €100m syndicated term loan on a Unsecured Covenant Light basis (1-year maturity, renewable/re-committed annually, for up to 4 years in aggregate) by IFC to SUCDEN Cote d’Ivoire (SUCDEN-CI) and its parent company SUCDEN S.A. (the Group) to finance the procurement and export of cocoa beans from Cote d’Ivoire.
Overall, the Group sources around 150,000 tons per annum of cocoa beans from CI of which a min 60,000 tpa is through SUCDEN-CI and is sustainable (traceable and the majority is subjected to 3rd party certification and/or similar E&S requirements from SUCDEN-CI’s customers); the remainder is sourced through other exporters.
IFC financing will support SUCDEN-CI and Sucden SA, hence it will be financing all sustainable cocoa beans sourced by them.
SUCDEN-CI does not own any farms nor is expected to own any farm as part of this financing. The supply chain of SUCDEN-CI consists of both cooperatives and intermediaries, with the majority (80%) being cooperatives. The beans are sourced from smallholder farmers who are either members of those co-operatives or who sell to the same intermediaries every year.
As stated by Bloomberg, Sucres et Denrees (SUCDEN SA) distributes food products. The Company offers sugar, cocoa, coffee, and ethanol, as well as processing, logistics, distribution, merchandising, financing, research, and risk management services. Sucres et Denrees serves customers worldwide.
Sucden is an Ivory Coast licensed cocoa exporter.
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