UPL makes agrochemicals and offers crop protection solutions
UPL makes agrochemicals and offers crop protection solutions

UPL raises €100 million working capital loan at zero rate of interest

ANI | Updated: Jul 24, 2019 16:21 IST

Maharashtra (Maharashtra) [India], July 24 (ANI): Agrochemicals manufacturer UPL said on Wednesday it has raised 100 million euros (about Rs 775 crore) of working capital loan at zero per cent rate of interest.
"UPL Corporation, the international arm of UPL Ltd, has arranged financing of 100 million euros to meet working capital requirements across the group. The short tenor loan carries zero running coupon and is the first such financing raised by the group," it said in a statement.
"The facility is proposed to be arranged by Cooperatieve Rabobank UA, the leading Dutch food and agri-focused bank. The transaction is subject to customary conditions, including the execution of necessary documentation and receipt of required approvals and is expected to be completed in August or September," it added.
Earlier, UPL Corporation had raised a three billion dollar (about Rs 20 crore) five-year unsecured term loan with a bullet repayment at end of tenure at London Inter-bank Offered Rate (LIBOR) plus 160 basis point per annum to part-finance the acquisition of Arysta Lifescience Inc. The loan was jointly syndicated by MUFG Bank Ltd and Cooperatieve Rabobank UA.
With its acquisition of Arysta Lifescience in January, UPL became the fifth largest overall and largest post-patent company in the ag-chem space. It reported revenues and EBITDA of Rs 21,837 crore and Rs 4,114 crore in 2018-19 respectively.
UPL, earlier known as United Phosphorus Ltd, is an Indian multinational company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals besides offering crop protection solutions.