Narrative
Full Description
Project narrative
On June 25, 2014, financial close was reached on a deal in which a syndicate of 20 banks — including China Construction Bank Corporation (CCB) — entered into a $700.00 million USD ($744.61 million AUD) syndicated term loan agreement with Formosa Steel IB Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) wholly owned by Taiwanese plastics company Formosa Plastics Group — for the Iron Bridge Mine Refinancing Project. The proceeds were to be used by the borrower to refinance the development of the Iron Bridge mine in Western Australia; specifically, the proceeds were used to refinance a $600 million USD bilateral bridge loan provided by Australia and New Zealand Banking Group (ANZ) in October 2013 that was used to fund Formosa Plastic Group's initial investment in the Iron Bridge mine joint venture with Fortescue Metals Group Limited, stage one capital expenditures, and working capital purposes. CCB contributed $15.00 million USD ($15.96 million AUD) to the loan syndicate. In addition to CCB, the following lenders contributed the respective amounts to the loan syndicate: ANZ ($60.00 million USD; $63.82 million AUD), Bank of Kaohsiung (BOK) ($5.00 million USD; $5.32 million AUD), Bank of Taiwan ($50.00 million USD; $53.19 million AUD), Chang Hwa Commercial Bank ($45.00 million USD; $47.87 million AUD), Crédit Agricole Group ($45.00 million USD), CTBC Bank ($45.00 million USD), DBS Bank ($50.00 million USD), E.Sun Commercial Bank ($25.00 million USD; $26.59 million AUD), First Commercial Bank ($10.00 million USD; $10.64 million AUD), Hua Nan Commercial Bank (HNCB) ($45.00 million USD), Land Bank of Taiwan (LBOT) ($40.00 million USD; $42.55 million AUD), Mega International Commercial Bank ($50.00 million USD), Sinopac Financial Holdings ($25.00 million USD), Ta Chong Bank ($10.00 million USD), Taishin International Bank ($40.00 million USD), Taiwan Business Bank (TBB) ($25.00 million USD), Taiwan Cooperative Bank ($45.00 million USD), United Overseas Bank Limited (UOB) ($50.00 million USD), and Yuanta Commercial Bank ($20.00 million USD; $21.27 million AUD).