Premier global food and agribusiness bank serves as lead arranger, bookrunner and administrative agent on consolidated borrowing base facility for ICD Group
NEW YORK, Sept. 4, 2024 — Rabobank, a premier global food, agribusiness and commodities bank and leading financier of the energy transition, today announced that it has successfully closed a $260 million senior secured credit facility with a $50 million accordion feature for ICD Group Holdings, serving as lead arranger, bookrunner and administrative agent on the transaction.
In an effort to boost its operating efficiency, ICD is consolidating three existing facilities for its prime metals, specialty alloys, fuels, chemicals and plastics businesses into one new borrowing base facility. At the same time, this financing establishes a more scalable facility to support the company’s future growth.
“We are excited to partner with ICD as it streamlines its credit facilities into a single flagship funding vehicle,” said Sebastien Ribatto, deputy head of trade and commodity finance at Rabobank North America. “A more robust and scalable facility will enable ICD to accelerate its growth. We look forward to deepening our relationship with ICD in the coming years as its business continues to expand.”
After establishing a relationship with ICD in 2023, Rabobank earned the mandate in early 2024 to lead a syndicate of seven lenders on the transaction. The proceeds from the facility will be used for general working capital purposes—short-term liquidity, inventories and receivables—and it will mature in July 2025.
For ICD, the enhanced facility has broader implications for its strategic growth plan. “We are thrilled to have successfully secured this $260 million credit facility with the potential to expand to $310 million, showcasing the strength of our financial position and the confidence our banking partners have in our growth strategy,” said Alexandre Leviant, CEO at ICD. “This new facility, led by Rabobank with Wells Fargo as joint lead arranger, not only streamlines our operations but also provides us with the financial flexibility to pursue strategic opportunities and further solidify our position as a global leader in commodities trade and manufacturing.”
Charlie Badurski, chief financial officer at ICD, commented, “We are pleased with the execution of the deal and the support from our banking partners. Our new facility has provided the capacity for growth, which will enable ICD to meet its strategic goals and highlights the strength of our balance sheet.”
About ICD Group
Founded in 1952 as a chemical trader, ICD has diversified its business mix across a broad range of resources and raw materials, playing a key role in global commodities trade. Today, the company is an international conglomerate with a presence in more than 20 countries worldwide focused on the manufacturing, recycling and distribution of specialized commodity products, while maintaining a steadfast commitment to sustainability.
About Rabobank
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 37 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $678 billion in assets.
In the Americas, Rabobank Wholesale Banking North America is a premier corporate and investment bank to the food, agribusiness, commodities and energy industries. Rabo AgriFinance, a subsidiary of Rabobank, is a leading financial services provider for farmers, ranchers and agribusinesses in the United States. Together, we provide sector expertise, strategic counsel and tailored financial solutions to clients across the entire value chain. Visit www.RabobankWholesaleBankingNA.com and www.RaboAg.com.
