July 23, 2019 / 1:46 PM / 4 months ago

COFCO International says raised sustainability-linked loan facility

PARIS, July 23 (Reuters) - Chinese-owned commodities trading firm COFCO International said on Tuesday it had increased facilities of its sustainability-linked loan to $2.3 billion from $2.1 billion announced last week, with 21 international banks now participating.

The overseas trading arm of China’s state-owned food group COFCO Corp had said last week that 20 banks had initially participated.

“The facilities were launched on 21 May 2019 and gained strong support from the company’s relationship banks. The facilities were significantly oversubscribed and subsequently increased to $2.3 billion, with COFCO International choosing to scale back lender commitments,” it said in an emailed statement.

COFCO said last week the facility was the largest sustainability-linked loan for a commodity trader.

Rival agricultural commodity trader Louis Dreyfus Company agreed to renew a $750 million loan in North America using sustainability performance goals. (Reporting by Sybille de La Hamaide, editing by Bate Felix)

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