Buenos Aires/London, February 14, 2018
- The 2017 financing to the Argentine agribusiness company Renova has been
awarded “Natural Resources Finance Deal of the Year”, by the prestigious
London-based Bonds & Loans publication in its Deals of the Year awards.
These awards recognize outstanding achievement from across the Latin American
Led by the International Finance Corporation (IFC) and Rabobank as mandated
lead arrangers and joint bookrunners, the $410 million financing package
committed to Renova on May 2017, constitutes the largest agribusiness financing
mobilized in Argentina. It was key to fund the expansion of Renova’s
crushing facilities and to enhance its port infrastructure, with the aim
of improving the logistics and competitiveness of the oilseeds and grains
supply in the country. Renova is a joint venture between Vicentin and Oleaginosa
The financing consisted of $75 million from the account of IFC, a member
of the World Bank Group, $75 million from Rabobank, and $260 million from
development finance institutions and commercial banks that joined the initiative
in support of the company’s expansion. These were: IIC, FMO, ING, Santander,
Natixis, ICBC, ABN, and Itau. It is relevant to note that IFC and IIC acted
as lenders of record.
The unique structure of the deal, its long tenor, and strategic importance
for the country’s agribusiness sector make this deal a model of partnership
among international development finance institutions and commercial lenders
in support of a strategic project.
“We are delighted to receive this important recognition to Renova and
the 2017 financing package” said Sergio Gancberg, Renova’s President.
“We acknowledge the key role that IFC and Rabobank played in mobilizing
additional funding from other development and commercial banks to support
our expansion plans”.
“With IFC and Rabobank as mandated lead arrangers, Renova executed
an excellent multi-tranche syndication, which allowed it to secure funding
for capacity expansion at some of the longest tenors seen in Argentina
to date,” said Jonathan Brandon, Managing Editor of Bonds & Loans.
“This was a standout transaction that helped carve a path for
borrowers in Argentina’s agricultural sector and the wider market”,
Bonds and Loans received over 300 deals submitted across 17 categories.
The recognition of industry excellence was determined by Bonds & Loans
editors based on an exhaustive selection process involving examination
of case studies, in-depth feedback and discussions with market participants;
followed by an online vote – making it the only awards voted for by the
industry. Presentation of the Awards will take place at a cocktail reception,
in Mendoza, Argentina on March 22nd.
Bonds & Loans Latin America deals of the year
& Loans deals of the year winners
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org.
A joint venture between Vicentin S.A.I.C. and Oleaginosa Moreno Hermanos
S.A.C.F.I.Y.A.(Glencore), Renova operates an integrated soybean crushing
facility and port in Timbues, Santa Fe, and a biodiesel producing facility
in San Lorenzo, Santa Fe. Renova’s existing complex in Timbues contains
a crushing facility with a processing capacity of 20,000 tons per day;
one of the country’s largest ports; a lecithin plant; and storage facilities.
Founded in 1929, Vicentin is a family-owned conglomerate, positioned as
one of the leading companies in the agro-industry sector of the country.
Through its industrial plants in San Lorenzo and Avellaneda, along with
its shareholding in Renova, it has become an important player in:
- The milling and exportation of oilseed and biofuel products and subproducts,
alternating between the first and second position according to the year.
- Production of bioethanol from the processing of maize at its Avellaneda
plant in the north of Santa Fe; and its shareholdings in the exportation
of other agricultural raw materials.
It also has commercial offices in Uruguay, Paraguay and Spain
Glencore/ Oleaginosa Moreno Hermanos S.A
Multinational company dedicated to trading in grain and oil seeds with
important industrial assets and global logistical infrastructure. Has been
operating in Argentina since 1984, and through its partnership with Oleaginosa
Moreno Hermanos S.A., since 1997. In addition to its participation
in Renova, Oleaginosa Moreno is a leading company in the crushing of oilseeds
(soybean and sunflower oil) with its own plants and ports in the Province
of Buenos Aires.
It carries out strong trading activities, based in port terminals and its
international commercial network and it also has one of the main networks
directly relating to the agricultural producer, through stocking plants
and commercial offices.