ING closes $115m financing to Argentinean agriculture exporter Vicentin


ING, the Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking have revealed that they have closed $115m in five-year pre-export financing to Vicentin, an Argentinean agriculture exporter.

ING’s Dutch and Tokyo branches served as the sole coordinator, and worked closely with the company's Argentinean office and ING Capital, who pioneered the syndication of the loan from New York City, US.

The Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking were termed as lead arrangers in the transaction.

The provided financial support would contribute to Japan's food security, as it would commit Vicentin to export nearly 40,000t of grains and oilseeds to Japan per annum, for a period of five years.

Japan's official export credit agency Nippon Export and Investment Insurance (NEXI) has provided insurance for this loan.

Vicentin CFO Roberto Gazze said: "Partnering with ING provides us the opportunity to strengthen our commercial relationships with Japanese importers and ensures we can scale our operations to meet Japan's food import mandate over the next five years.

"Working through both ING's local Argentina office, with whom we maintain a long-lasting relationship and who counts with a deep knowledge of the Argentine agri-sector and its Tokyo branch, that contributed with its thorough understanding of NEXI's requirements and processes, streamlined the entire process and provided a high level of comfortability."

"Partnering with ING provides us the opportunity to strengthen our commercial relationships with Japanese importers."

The transaction is an example of the Japanese Government’s initiative to increase imports of grains and oilseeds from South America, through its ‘Strategy for Exporting Infrastructure Systems’.

The government has collaborated with the private financial institutions to execute its strategy.

ING Argentina manager Marnix van Iterson said: "Having the opportunity to connect our clients from around the world is what drives us, and we are happy to help strengthen the ties between these two countries and organisations.

"We are particularly grateful for the support from NEXI, which has been instrumental in pushing forward the Japanese Government's commitment to diversifying its international food supply."