Summary of Proposed Investment
Project Number
28461
Company Name
THEODORE ALEXANDER HCM LTD
Date SPI Disclosed
Aug 20, 2009
Country
Viet Nam
Industry
Agribusiness and Forestry
Projected Board Date
Sep 21, 2009
Status
Completed
Sector
Furniture and Related Products
Department
Regional Industry - MAS Asia & Pac
Environmental Category
B - Limited
Previous Events
Approved : Sep 24, 2009
Signed : Sep 30, 2009
Invested : Aug 16, 2010
Project Description
Paul Maitland International, Inc. (‘PMI’ or the ‘Company’) is an existing IFC client and a maker of high-end European style furniture with manufacturing operations based in Ho Chi Minh City, Vietnam. The Company was established in 1996 in Vanuatu and was re-domiciled to the British Virgin Islands (‘BVI’) in 1998. The Company''s business model involves a process whereby all products are manufactured in Theodore Alexander HCM Ltd., (‘TA’), its 100%-owned Vietnam subsidiary, for sale to global dealers through PMI’s sales and distribution subsidiaries. The Company is export-driven and generates all its revenues in U.S. dollars.
Project Description:
The Project consists of 1) the refinancing of TA’s permanent working capital, 2) the development of the Company’s U.S. distribution program, 3) refinancing short term debt, and 4) supporting TA’s FY2010 – 2011 capital expenditures program. Total project cost is estimated to be $20 million and IFC proposes providing an A loan of up to $10 million. The remainder of the project cost is expected to be funded by a local bank ($4 million) and internally generated cashflow ($6 million).
In March 2006, IFC provided an $8 million A loan primarily to support TA’s permanent working capital needs. Currently, only $2.4 million of the original A loan remains outstanding. The loan is planned to be completely repaid by December 2010.
Project Description:
The Project consists of 1) the refinancing of TA’s permanent working capital, 2) the development of the Company’s U.S. distribution program, 3) refinancing short term debt, and 4) supporting TA’s FY2010 – 2011 capital expenditures program. Total project cost is estimated to be $20 million and IFC proposes providing an A loan of up to $10 million. The remainder of the project cost is expected to be funded by a local bank ($4 million) and internally generated cashflow ($6 million).
In March 2006, IFC provided an $8 million A loan primarily to support TA’s permanent working capital needs. Currently, only $2.4 million of the original A loan remains outstanding. The loan is planned to be completely repaid by December 2010.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Name: Mr. Harvey Dondero
Title: Chief Executive Officer
Address: Theodore Alexander HCM Ltd., Linh Trung II EPZ,
Block 50 – 57, Street 1, Binh Chieu Ward, Thu Duc District,
Ho Chi Minh City, Vietnam
Tel. Number: (84) 8 3729 2112
Fax: (84) 8 3729 4177
E-mail: hdondero@theodorealexander.com
Website: www.theodorealexander.com
Title: Chief Executive Officer
Address: Theodore Alexander HCM Ltd., Linh Trung II EPZ,
Block 50 – 57, Street 1, Binh Chieu Ward, Thu Duc District,
Ho Chi Minh City, Vietnam
Tel. Number: (84) 8 3729 2112
Fax: (84) 8 3729 4177
E-mail: hdondero@theodorealexander.com
Website: www.theodorealexander.com
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: (1) 202-473-3800
Fax: (1) 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: (1) 202-473-3800
Fax: (1) 202-974-4384
E Mail: Webmaster
Local Access of Project Documentation
Environmental and social information pertaining to the Project will be available for access by the locally affected communities outside the project facilities in and around Ho Chi Minh City. It will also be posted near the main entrance of Theodore Alexander HCM Ltd. and disclosure will also be made at a publicly accessible place in Ho Chi Minh City.