SUCAFINA EXTENDS ITS SUSTAINABILITY-LINKED BORROWING BASE FACILITY

GENEVA, SWITZERLAND, MAY 5, 2023 – Sucafina SA, the leading sustainable Farm to Roaster coffee company, is pleased to announce that it has successfully secured a 1-year extension on its flagship Sustainability-linked Senior Secured Borrowing Base Facility (“the Facility”). 

The Facility has increased from US$500 million to US$725 million during the course of the 2 years since its renewal in May 2021. The commitments have been received from a globally diverse group of 16 European, American, and Asian banks.

Since 2019, the Facility has included a sustainability framework, supporting Sucafina’s vision to be the leading sustainable coffee company in the world. The key performance indicators (KPIs) were adjusted in 2021 to focus on certifying farmers and assessing scope 3 carbon emissions, as well as deforestation risks in coffee producing countries. These KPIs have now been updated for the next 12 months – and in the case of carbon emissions, Sucafina will be going further in assessing supply chain emissions, as well as setting some initial targets for reduction.

Sucafina is always looking for opportunities to drive innovation. The Facility is the first instrument of its kind within the industry to formally include the role of a Traceability Agent – farmer connect, who will provide traceability data on the supply chains for the coffee financed under the instrument. The Facility also provides digitalized borrowing, in partnership with Komgo in its role as Digital Agent.

Philippe Penet, Group CFO, at Sucafina, said:

Whilst an extension of a facility can be viewed as a straightforward exercise, I am very proud of what the Treasury team has achieved with the support of our leading syndicate bank, ING: a revised pricing in line with the Group credit metrics, a fully digitized instrument with our partner Komgo, and, last but not least, a key new feature with the incorporation of farmer connect as our Traceability Agent.” 

ING Bank N.V. will act as Facility Agent for the Facility, with its Geneva Branch acting as Security Agent and Overdraft Bank, in close cooperation with Komgo as Digital Agent, Coöperatieve Rabobank U.A. as Sustainability Agent, and farmer connect as Traceability Agent.

The same banks have re-extended their participation in the Facility: Banque Cantonale de Genève; Banque Internationale de Commerce – BRED (Suisse) SA; CA Indosuez (Switzerland) SA; Citibank N.A., London Branch; Coöperatieve Rabobank U.A.; Credit Suisse (Switzerland) Ltd; DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main; HSBC Continental Europe; Industrial, and Commercial Bank of China Limited, Beijing, Zurich Branch; ING Bank N.V.; Natixis; Raiffeisen Bank International AG; Société Générale; Sumitomo Mitsui Banking Corporation; UBS Switzerland AG; and UniCredit Bank AG.

HFW was counsel to Sucafina and Hogan Lovells acted as counsel on behalf of the banks.

ABOUT SUCAFINA

Sucafina is the leading sustainable Farm to Roaster coffee company, with a family tradition in commodities that stretches back to 1905. Today, with more than 1,400 employees in 34 countries, we help stakeholders worldwide to find the perfect coffee solutions. We embed technology, innovation, and sustainability throughout the supply chain, creating shared value for all by Investing in Farmers, Caring for People, and Protecting Our Planet. For more information, visit www.sucafina.com.