ICBC contributes to a €500 million EUR syndicated revolving credit facility to Metso for short-term funding and refinancing purposes

Project narrative

In December 2010, a syndicate of 14 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €500 million EUR syndicated revolving credit facility (RCF) agreement with Metso Corporation — a Finnish industrial machinery engineering and technology company headquartered in Helsinki and listed on the Nasdaq Helsinki — for short-term funding and refinancing purposes. This RCF carried a maturity period of five years and a final maturity date in 2015. The proceeds were to be used by the borrower to refinance a revolving facility signed in December 2006 and maturing in 2012 (which was not drawn as of December 2010) and for the borrower's short-term funding needs. In addition to ICBC, the following lenders contributed to the loan syndicate: Citibank N.A., Commerzbank AG, Crédit Agricole Group, Danske Bank A/S, Nordea Bank Abp, Pohjola Bank, Skandinaviska Enskilda Banken AB (SEB), Svenska Handelsbanken AB, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), ING Group N.V., Intesa Sanpaolo S.p.A., Standard Chartered Bank PLC, and Wells Fargo Bank N.A., Citibank, Commerzbank, Crédit Agricole, Danske Bank, Nordea, Pohjola, SEB, and Handelsbanken served as mandated lead arrangers. ICBC, BBVA, ING, Intesa Sanpaolo, Standard Chartered, and Wells Fargo joined in syndication as arrangers. ICBC, Pohjola, Standard Chartered, and Wells Fargo were new lenders from the 2007 revolving facility. As of December 31, 2011, the RCF was undrawn. As of December 31, 2012, the RCF was undrawn. As of December 31, 2013, the RCF was undrawn. In 2014, a syndicate of 10 banks entered into a €500 million EUR syndicated RCF with Metso to refinance the 2010 loan, which was undrawn at that point.