Hughes Hubbard Guides West Africa Cotton Ginnery’s International Financing

March 14, 2025 – The firm represented West African cotton company Société d'Égrenage de Coton, or the Society for the Development of Cotton (Sodeco), in negotiating and documenting a €90 million pre-export financing.

Sodeco will use the proceeds for the financing of its 2024-25 cotton season. The firm helped establish local collateral security agreements subject to the OHADA (Organization for the Harmonization of African Business Law) Uniform Act on the creation of security interests.

Natixis served as lead arranger, facility and security agent. A syndicate of international banks comprising Natixis, EBI (Ecobank's French subsidiary) and Banque Cantonale de Genève was involved. Hughes Hubbard also advised Sodeco in its previous six international financings.

Based in Benin, Sodeco was founded in 2008 as a public-private partnership between the state and a company owned by businessman Patrice Talon, who is currently the president of the country. With a ginning capacity of more than half of Benin's output, Sodeco is the country's primary cotton company.

Sena Agbayissah and Agnès Braka-Calas advised Sodeco.