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Overview

Bank of China contributes to a $325 million USD syndicated revolving credit facility to IXM for refinancing purposes

Commitment Year•2020Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•SwitzerlandSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 14, 2020

Geospatial footprint

Map overview

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This project was a syndicated revolving credit facility to Swiss metal commodity trading company IXM S.A., headquartered at Rue de Lausanne 15, 1201 Genève, Switzerland. More detailed locational information can be found at: https://www.openstreetmap.org/way/82753394

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

  • Coöperatieve Rabobank U.A. (Rabobank)
  • Gazprombank
  • HSBC Bank PLC
  • ING Bank N.V.
  • Standard Chartered Bank PLC
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

Receiving agencies

Private Sector

  • IXM S.A. (formerly known as Louis Dreyfus Company Metals B.V. (LDCM))

Loan description

2020 syndicated $325 million USD revolving credit facility from BoC and others to IXM for refinancing purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 14, 2020, financial close was reached on a deal in which a syndicate of banks — including the Bank of China (BOC) — entered into a $325 million USD syndicated revolving credit facility (RCF) agreement with IXM S.A. — a Geneva, Switzerland headquartered base metal commodity trading company, formerly known as Louis Dreyfus Company Metals B.V. (LDCM) of Louis Dreyfus Company B.V., 45% owned by NCCL Natural Resources Investment Fund, a subsidiary of China Molybdenum Company Limited (45% stake) and China Anxing Asset Management (55% stake) — for refinancing purposes. The proceeds were used by the borrower to refinance a $285 million USD RCF signed on December 18, 2019. In addition to BOC, the following lenders are known to have contributed to the loan syndicate: ING Bank N.V., Coöperatieve Rabobank U.A. (Rabobank), UniCredit S.p.A., Standard Chartered Bank PLC, HSBC Bank, and Gazprombank. These lenders served as bookrunners.