NEW YORK, March 29, 2017 /PRNewswire/ -- ING, the Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation closed $115 million in 5-year pre-export financing to Vicentin S.A.I.C., one of Argentina's largest agriculture exporters. ING Bank N.V., ING's Tokyo branch, was the sole coordinator, working in close coordination with ING's Argentina office and ING Capital LLC, who led the syndication of the loan from New York City.
The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation were mandated lead arrangers in the transaction.
The facility contributes to Japan's food security by enabling Vicentin S.A.I.C. to commit to export at least 40,000 tons of grains and oilseeds to Japan on an annual basis over a 5-year period. Loan insurance was provided by Nippon Export and Investment Insurance (NEXI), Japan's official export credit agency.
"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 5 years," said Roberto Gazze, CFO at Vicentin S.A.I.C. "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."
"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 organizations," said Marnix van Iterson, country manager at ING Argentina. "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."
This continues Japan's "Strategy for Exporting Infrastructure Systems," that states the Japanese government, in collaboration with the private sector, will increase the purchase of grains and oilseeds from South America. NEXI's support for the Vicentin S.A.I.C. deal is an example of how this strategy is put into practice, and follows recent deals with ING and Compañía Argentina de Granos S.A. (CAGSA) and Asociación de Cooperativas Argentinas C.L. (ACA).
About ING Bank N.V.
ING Bank N.V., is part of ING Group N.V. ("ING") a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's 52,000 employees offer retail and wholesale banking services to customers in over 40 countries.
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