Camposol Holding PLC - New loan facility

6/28/2010, 6:57 PM (Source: GlobeNewswire)
Camposol announces that the company has signed a new loan facility of USD 60
million with an annual interest rate of 8.65%. The new loan will primarily be
used to pay off all outstanding amounts due to Credit Suisse and to finance
additional planting of 350 Has of Grapes.

As of Monday 28 June, Camposol has paid off the total outstanding amount due to
Credit Suisse, incluiding principal of USD 50.9 million, interests of USD 0.6
million and breakfunding costs, residual swap and fees for USD 3.7 million.  The
loan to Credit Suisse has a current interest rate of 11.85% and increasing
monthly principal payments with final maturity on 2012.

The new loan facility was provided by a syndicate of banks led by Interbank
(Peru) to Camposol S.A.. The other participating banks were Rabobank Curacao
N.V. and Bancolombia Puerto Rico Internacional INC. The loan has an annual
interest rate of 8.65%, which will be paid monthly, and monthly principal
payments starting from June 2011 with final maturity on June 2016. The principal
payments are USD 1,475,412 in 2011, USD 8,114,754 in 2012, USD 7,365,048 in
2013, USD 17,704,914 in 2014, USD 13,524,591 in 2015 and USD 11,815,281 in
2016. The loan also has an "El Nino clause" which allows the company to defer
principal payments for one year in case of an El Nino event. The total upfront
costs of the new facility are approximately USD 1.3 million.

"This new loan facility significantly reduces our debt services in the next
years. Also, the planting of new has of grapes is important, as it allows us to
further diversify in both products and markets, since the new crops will mainly
be targeted to Asia," says Jorge Ramírez, CFO of Camposol.

"In addition, the new facility shows a strong level of confidence in the company
from both the Peruvian and the international banking system," Ramirez adds.

The collateral for the new facility will be the same as for the Credit Suisse
facility. The mortgage has seven lots: Agroalegre, Terra, Mar Verde, Frusol,
Agricultor, Agromás and Gloria and a trust for accounts receivables which has to
receive 65% of company´s exports.

Voluntary, partial or total, prepayments are allowed with a fee of 0.75% of the
amount to be prepaid up to the first year and 0.50% thereafter. There is a cash
sweep condition that would apply only if Camposol S.A. has cash or cash
equivalents of more than USD 10 million at the end of each semester. This does
not apply for funds provided by new loans or equity contributions.

The main financial covenants for the new facility are the following;
* DEBT/EBITDA ratio of minimum 4.0x for December 2010 and 3.5x for each
semester thereafter.
* DEBT COVERAGE ratio of minimum 1.0x for December 2010 and 1.5x for each
semester thereafter (debt coverage = (EBITDA - Workers Profit Sharing -
Income Tax) / (principal + interest payments)
* Total Liabilities / Total Owners Equity less than or equal to 1.5x.

Financial covenants are calculated over Camposol S.A.'s balance sheet which
represent over 80% of Camposol Holding Plc operations.

For more information, please see the Company's website,

For further information, please contact:

CEO, Fabio Matarazzo

CFO, Jorge Ramirez

Phone: +511 621-0804

Camposol is the leading agro industrial company in Peru, involved in the
cultivation, processing and commercialization of agricultural products such as
asparagus, sweet peppers, avocado, mango, grapes and tangerines. These are
exported as fresh, preserved or frozen products mainly to markets in Europe and
the United States of North America. Camposol encompasses a totally integrated
business from the production of raw material in the fields to processing in the
industrial plant and subsequent commercialization in Europe and the United
States. Camposol has around 25,000 own hectares of which over 6,000 are already
used for agricultural purposes, operates in 2 different locations in the
Peruvian coast, and has one fully owned processing plant for fresh, preserved
and frozen products. The company has around 10,000 part and full time employees.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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Source: Camposol Holding Plc. via Thomson Reuters ONE
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