CITIC Bank International Limited participates in $340 million club loan agreement with CFG Investment S.A.C. and China Fisheries International Limited for debt refinancing purposes

Project narrative

On November 17, 2010, CFG Investment S.A.C. (a company legally incorporated and existing in Peru) and China Fisheries International Limited (a company legally incorporated in Samoa) entered into $425 million club facility agreement with DBS Bank (Hong Kong) Limited, HSBC, Standard Chartered Bank (Hong Kong) Limited, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., Hong Kong Branch (also known as Rabobank International) and CITIC Bank International Limited. The facility, which was backed by repayment guarantees from China Fisheries Group Limited, consisted of two loans: a $340 million term loan and an $85 million revolving credit facility (RCF). Each of the loans (term loan and RCF) bore interest at the British Bankers Association Interest Settlement Rate for U.S. dollars or, if unavailable, the London Inter-Bank Offered Rate, plus 2.5% per annum. Each loan was scheduled to mature 48 months from the date of the facility agreement. The term loan was to be repaid in 11 equal installments every three months starting in May 2012 and ending in November 2014. The revolving loan was to be repaid on the last day of its interest period. As of March 28, 2012, both loans had fully disbursed. The borrowers used the loan proceeds to finance the redemption of 2006 Senior Notes issued by CFG Investment S.A.C., refinance a number of existing borrowings, and finance general working capital requirements.