SaMi 2018

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  San Miguel, an IFC client since 1998, is a fully integrated citrus company, producing and commercializing fresh and industrialized citrus (concentrated juice, peel and oils). The company is the main citrus grower from the Southern Hemisphere, with more than 9,760 hectares (ha) under production in Argentina (57% of the company’s revenues), Peru (18%), South Africa (19%), and Uruguay (7%). The Company is the largest lemon crusher in the world, producing 15% of the global output, and the largest fresh lemon exporter from the southern hemisphere (9% of global output). In addition to lemons, the Company also commercializes sweet citrus (oranges and tangerines), and in 2017 incorporated avocado and table grapes through the acquisition of Agricola Hoja Redonda (AHR) in Peru.San Miguel is listed in the Buenos Aires Stock Exchange (BASE) with a market capitalization as of September 2018 of ~$250M. In FY18 San Miguel is projected to report revenues of around USD 300 Million. The Project consists of a US$120mn A/B loan facility to: (i) cover the 2018-2020 capex program; and (ii) improve San Miguel’s debt repayment profile. The 2018-2020 capex program include: (i) improvements in plantations and the industrial plant located in Tucuman, in Argentina; (ii) construction of a new industrial plant and development of new plantations in Uruguay; (iii) expansion of the packing plant and development of new plantations in South Africa; and (iv) improvements to the acquired packing plant and development of new plantations in Peru.