NEW YORK (Oct. 18, 2018) – Holland & Knight represented Agrícola Pampa Baja S.A.C. (APB) on a $25 million facility with a 10-year tenure provided by the Inter-American Investment Corporation (IIC) and on a $50 million 10-year facility with Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO) and Deutsche Investitions-Und Entwicklungsgesellschaft MBH (DEG) as lenders. The transaction closed on September 25.
APB is a family-run producer and marketer of fruits (avocados, grapes, mandarins and pomegranates), horticultural crops (paprika and sweet yellow onions) and milk, based in Majes-Sihuas (Majes) and H2Olmos (Olmos) in Peru. APB's main operation is located in Majes-Siguas, near Arequipa, and consists of 1,288 hectares of fruits and horticultural crops and a dairy operation of 6,250 cows, of which 3,200 are under production. A second, 1,100 hectares farm is located in the H2Olmos irrigation project in Northern Peru.
The funds from the two financings will be allocated to capital investments for both the Olmos and Majes operations for the planting of 600 additional hectares of avocado, 100 additional hectares of mandarins and 100 hectares of new grape varieties, including the construction of industrial packing facilities, state-of-the-art irrigation systems, permanent working capital and the refinancing of short- and medium-term debt.
Holland & Knight Partners Norberto Quintana and Steve Double and Associate Laura Güemes led the firm's work on the deal. They were assisted by International Law Clerk Susana Raventós. De Bracamonte Haaker Castellares acted as local counsel to APB in Peru.
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