Narrative
Full Description
Project narrative
In November 2023, a syndicate of 22 banks — including the Bank of China (BOC), China Construction Bank Corporation (CCB), and the Industrial and Commercial Bank of China (ICBC) — signed a $4.7 billion USD syndicated revolving credit facility (RCF) agreement with Anglo American plc — an England and Wales-incorporated multinational mining company with headquarters in London listed on the London Stock Exchange and on South Africa's Johannesburg Stock Exchange — for refinancing purposes. This loan was divided into two tranches: a $1 billion USD tranche with a maturity period of one year and a final maturity date of November 2024 and a $3.7 billion USD tranche with a maturity period of five years and a final maturity date in November 2028. The proceeds were to be used by the borrower to refinance a $4.7 billion USD RCF maturing in March 2025. Record ID#104304 captures BOC's contribution. Record ID#104305 captures CCB's contribution. Record ID#104306 captures ICBC's contribution. In addition to the three Chinese state-owned banks, the following lenders contributed to the loan syndicate: Sumitomo Mitsui Banking Corporation (SMBC), BNP Paribas S.A., Australia and New Zealand Banking Group (ANZ), Barclays Bank Plc, Bank of Montreal, Bank of America, Canadian Imperial Bank of Commerce (CIBC), Citigroup, Commerzbank AG, Crédit Agricole Group, DBS Bank, Goldman Sachs Group, Inc., HSBC Bank PLC, Mizuho Bank, Morgan Stanley, Royal Bank of Canada (RBC), Banco Santander, S.A., Standard Chartered Bank PLC, and Toronto-Dominion Bank (TD Bank). SMBC and BNP Paribas served as coordinators.
Staff comments
1. AidData has assumed each lender contributed to each tranche. The individual contributions of the 22 lenders to this $4.7 billion USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of BOC, CCB, and ICBC by assuming each contributed an equal amount ($213,636,363.636) to the loan syndicate. 2. While it is unconfirmed that the three Chinese state-owned banks contributed to each tranche, AidData has assumed it has. Therefore, to code the maturity period of this record, AidData has taken the average of the two tranches' maturity periods {[(1 + 5) / 2] = 3} and coded it as the maturity period of this record.