Phoenix Group secures $205 mn debt

Phoenix Group secures $205 mn debt

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The US $2 bn Phoenix Group, a global agricultural and food company engaged in the production, procurement, processing, merchanting, distribution ( wholesale and retail), through its integrated supply chain announced today the setting up of a US $ 205 million borrowing base facility to expand their rice business in India, Asia and Africa. The seven-bank consortium is led by Standard Chartered Bank, Singapore.

Phoenix is on track to become the world’s largest Rice business and a major player in the global agri foods business.

Gaurav Dhawan, Chairman, The Phoenix Group said, “I am pleased to announce the successful closure of a US $205 Million borrowing base Facility for the Phoenix Group arranged by Standard Chartered Bank, Singapore. The Facility was principally over-subscribed and was supported by OFID Vienna, BNP Paribas, RaboBank, First Abu Dhabi Bank,ICICI Bank and Shinhan Bank.The facility is targeted today at Mozambique, Benin and Ivory Coast as destinations and India as origin but can be expanded very easily across geographies (both Origins and destinations) as well as other Agricultural Products and we will look to upsize the facility aligning with our growth.”

Saket Sarda, Head of Trade, ASEAN and South Asia, Transaction Banking, Standard Chartered, said “Facilitating trade and driving commerce across our footprint in Asia and Africa is at the core of what we do as a leading international trade Bank. This transaction clearly demonstrates our capabilities and more importantly our relentless commitment to support our clients and their ecosystems of buyers and suppliers.”