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Overview

Bank of China contributes to EUR 500 million syndicated loan to Zhengzhou Coal Mining Machinery Group Co. Ltd. and China Renaissance Capital Investment for their acquisition of Robert Bosch Starter Motors Generators Holding GmbH

Commitments (Constant USD, 2023)$300,004,731
Commitment Year•2017Country of Activity•GermanyDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2017

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Deutsche Bank AG

Receiving agencies

Private Sector

  • China Renaissance Capital Investment

State-owned companies

  • Zhengzhou Coal Mining Machinery Group

Loan description

Bank of China contributes to EUR 500 million syndicated loan to Zhengzhou Coal Mining Machinery Group Co. Ltd. and China Renaissance Capital Investment for their acquisition of Robert Bosch Starter Motors Generators Holding GmbH

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to May 2, 2017, Bank of China contributed to an EUR 500 million syndicated loan to Zhengzhou Coal Mining Machinery Group Co., Ltd. and China Renaissance Capital Investment Inc. to facilitate their acquisition of a 100% equity interest in Robert Bosch Starter Motors Generators Holding GmbH (a company that manufactures starter motors and generators for cars) for EUR 545 million. The acquisition was completed on January 14, 2018, with Bosch Group establishing its division titled Bosch Starter Motors and Generators as an independent company and selling it to the two Chinese investors. The syndicate included Deutsche Bank.

Staff comments

1. The individual contributions of the 2 known lenders to this EUR 500 million loan is unknown. For the time being, AidData has assumed that each lender contributed equally (EUR 250 million) to the loan. 2. Robert Bosch Starter Motors Generators was a division of Robert Bosch GmbH that has since become an independent company, now known as SEG Automotive. SEG Automotive is based near Detroit in Novi, Michigan and operates globally with 8,000 employees and 16 locations. SEG Automotive (previously Robert Bosch Starter Motors Generators) primarily sells starter motors, generators, and 48V mild-hybrid Boost Recuperation Machines (BRMs) for the automotive industry, both as original equipment and in the aftermarket. They also supply e-machines for various applications, including e-bikes.