ARGENTINA: Arcor gains US$130m IFC financing
Argentinean food company Arcor Group has agreed a US$130m financing deal with IFC, a member of the World Bank Group, which it said will support its debt refinancing and investment plans as well as creating jobs in Argentina.
The US$130m investment marks IFC's second direct financing to Arcor since the Argentine financial crisis. Lead arrangers in the deal are Banco Itaú, Banco Santander, BNP Paribas, Calyon, Rabobank, and West LB.
"IFC is pleased to help a successful export-oriented company with a strong focus on environmental and social sustainability, which is expanding into neighbouring countries, creating employment in Argentina and other Latin American countries," said Oscar Chemerinski, director of agribusiness at IFC.
"We are very grateful for IFC's support, which will no doubt significantly help optimise the financing structure of our company," said Arcor Group president Luis Pagani. "This in turn will advance Grupo Arcor's expansion plans."
Arcor Group has some 41 plants, 30 in Argentina and the remainder in other Latin American countries. It produces sugar and chocolate confectionery, cookies, crackers, ice cream, and other foods, and markets products in some120 countries.
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