ICBC contributes to a $525 million USD syndicated revolving credit facility to Fortescue Metals Group Limited for general corporate and working capital purposes

Project narrative

On July 28, 2017, a syndicate of seven lenders — including Industrial and Commercial Bank of China (ICBC) — entered into a $525 million USD revolving credit facility (RCF) agreement with Fortescue Metals Group Limited (FWG) — an Australian iron ore company — for general corporate and working capital purposes. This loan carried a maturity period of 3 years and a final maturity date of July 28, 2020. Some of the proceeds will be used to support FWG's iron ore operations in Western Australia. In addition to ICBC, Australia and New Zealand Banking Group, Commonwealth Bank of Australia, ING Bank, National Australia Bank, Natixis, and Société Générale S.A. each contributed $75 million USD to the RCF. As of June 30, 2018, the facility remained undrawn. The loan was amended on October 1, 2018, when FWG increased its size by $500 million USD and extended the facility's maturity by one year, though it is unclear if ICBC contributed to this extension.