In the last week of January, Camposol managed to raise $ 350 million with a 6% bond and a 7-year maturity, attracting interest among investors, with orders worth more than $ 2 billion.
Jorge Ramírez, the CEO of the agro-industrial company Camposol, stated that the bond issued will have three purposes: the extension of the average maturity of the 4.5 years long-term debt to 7 years; the release of the collateral that guaranteed the bank debt; and greater financial flexibility for the company.
“It will allow us to refinance 92% of the financial debt. The only part we are not refinancing is the leasing, as this is not feasible,” Ramirez said.
70% of the investors that participated in the transaction are global investment funds, 10% are insurance companies, 10% private banks, and 8% are pension funds, among which there are AFPs and Peruvian bank portfolios.
In the coming years, the Dyer family company will focus on the development of the avocado and mandarin businesses, Ramirez says. In the avocado segment, they seek to expand their window from four months to 12 months from Peru and Colombia covering the two hemispheres. In mandarins, the goal is to cover the six months that the northern hemisphere does not serve (during the summer). To do this, they will finish planting larger areas in Uruguay.
"We estimate that our operations in Colombia and Uruguay will reach a high-performance phase approximately from 2025 onwards," he said adding that 30% of their fields in both countries were in a non-productive phase (1 to 3 years) and that 70% of them were in a medium to high-performance phase.
"Since our expansion plan in Colombia and Uruguay has yet to be completed, we only contemplate producing blueberries in Peru and in the area that was planted until the end of 2019," he added. However, in September last year, the firm announced that it hadn't ruled out the possibility of expanding blueberry production in Colombia.
Up until September 2019, Camposol invested 75 million dollars in the three countries in which it operates, especially in Peru and Colombia, concluded Ramirez, who announced that the company planned to invest in Mexico and China.