Sullivan Advises on $1.8 billion 2016 Ghana Cocobod Financing
London, UK; September 22, 2016 – Sullivan is advising documentation agent Deutsche Bank, and the syndicate of lenders, in the annual Pre-Export Receivables-Backed Trade Finance Facility for the Ghana Cocoa Board (“Cocobod”) for $1.8 billion. The documentation for the transaction signed on 21st September, 2016.
The proceeds of the Facility will be used to assist Cocobod in meeting its financing needs for the 2016/17 cocoa crop. The facility was signed on time and in the amount launched. It was oversubscribed in syndication.
Geoffrey Wynne, head of the Trade & Export Finance Group and of Sullivan's London office, commented: "There are no other more significant Sub-Saharan receivables-backed soft commodity financings than this annual transaction. It allows Cocobod to meet its financing needs for its annual cocoa and light cocoa crop, while at the same time providing payment security to Ghanaian cocoa farmers. As in previous years, the facility proved to be enormously popular in syndication. Sullivan is delighted to have advised the lenders and to have brought the transaction to signing."
Partner Geoffrey Wynne is leading the Sullivan team advising Deutsche Bank, supported by London associate Sam Fowler-Holmes.
Trade Finance Awards
In June 2016, Sullivan was, for the third year in a row, named "Best Law Firm in Trade Finance," by the readers of Trade & Forfaiting Review (TFR) in the TFR Excellence in Trade Awards 2016. In addition, Global Trade Review (GTR) named Sullivan the "Best Trade Finance Law Firm" 2015 in its annual "Leaders in Trade Awards." The firm is also recognised as a top tier firm for Trade Finance by the UK Legal 500, 2016.
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