DEG extends $17.5m loan to Vietnamese animal feed producer Nova Consumer

Source: Kameron Kincade/Unsplash

DEG, the investment arm of German state-owned development bank KFW, has extended a $17.5-million loan to Nova Consumer Group, a Vietnam-based manufacturer of feed and medicine for farm animals, according to a disclosure.

The company will use the long-term senior secured loan to refinance the internal cash used for the redemption of an IFC convertible bond that matured in June 2021 and to strengthen its balance sheet structure. The loan will also be used for financing or refinancing maintenance capex for either animal feed, health, or farm segments.

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