García & Bodán steers USD 15 million loan for Nicaraguan cocoa operations
García & Bodán acted as Nicaraguan counsel to the Land Degradation Neutrality Fund SLP (LDNF), a special limited partnership registered under Luxembourg law, acting through MIROVA S.A., a public limited company incorporated under the laws of France, appointed as the LDNF´s alternative investment manager, in connection with the formalization of a secured term loan facility of up to USD 15 million, among LDNF and Cacao Oro de Nicaragua Agro Nica y CO LTDA, a company registered in Nicaragua; Cacao Oro de Nicaragua Agrícola, Sociedad Anónima, the main Security Provider; and others acting as Special Security Providers.
The purpose of the facility is to finance Cacao Oro’s activities and that of its Subsidiaries, mainly in respect of:
- The planting of cocoa and coffee trees and their maintenance
- The construction of postharvest facilities
- The provision of continuing technical assistance and inputs to support neighboring farmers
- The harvesting of cocoa, and its logistics, sales, and marketing activities.
García & Bodán provided counsel on all matters related to the all-asset pledges to be provided in Nicaragua to secure the loan facility, including due diligence, wording, and formalization.
The legal advice to LDNF/MIROVA was carried out by Managing Partner Federico Gurdián, in coordination with French counsel Gide Loyrette Nouel A.A.R.P.I.