Bank of China participates in debt rescheduling of $3 billion USD revolving credit facility — via one year maturity extension — to Freeport-McMoran Copper & Gold and PT Freeport Indonesia for working capital, debt refinancing and general corporate purposes in 2014 (Linked to Record ID#106307, #106308, #106309, #106302, #105302 and #106312)

Project narrative

On February 14, 2013, financial close was reached on a deal in which a syndicate of 33 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC), the New York Branch of Agricultural Bank of China (ABC), the New York Branch of the Bank of China (BOC), the New York Branch of the Bank of Communications (BoComm), and the New York Branch of China Construction Bank Corporation (CCB) — entered into a $3 billion USD syndicated loan agreement with Freeport-McMoRan Copper & Gold Inc. (FCX), a Delaware-incorporated multinational mining company engaged in the exploration and production of gold, copper, and molybdenum based in Phoenix, Arizona, and its subsidiary PT Freeport Indonesia. The loan's maturity was five years, and the interest rate was LIBOR plus an applicable margin. The proceeds of this loan were designated for working capital and other general corporate purposes, including refinancing preexisting loans. BOC (Record ID#106302) contributed $21.43 million USD, ICBC contributed $30 million to this loan (Record ID#106307), CCB contributed $8571428.57 (Record ID#106308), ABC contributed $60 million USD (Record ID#106309), and BoComm contributed $21,428,571.43 USD (Record ID#106312). In addition to the Chinese state-owned banks, the following lenders also participated: JPMorgan Chase Bank, N.A. ($249.29 million USD); Bank of America, N.A. ($249.29 million USD); BNP Paribas ($195 million USD); Standard Chartered Bank ($175 million USD); Citibank, N.A. ($171.43 million USD); HSBC Bank USA, National Association ($171.43 million USD); Mizuho Corporate Bank, Ltd. ($171.43 million USD); Sumitomo Mitsui Banking Corporation ($171.43 million USD); The Bank of Nova Scotia ($171.43 million USD); The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($171.43 million USD); Bank of Montreal, Chicago Branch ($107.14 million USD); Sovereign Bank, N.A. ($107.14 million USD); Goldman Sachs Bank USA ($100 million USD); Morgan Stanley Bank, N.A. ($73 million USD); Canadian Imperial Bank of Commerce, New York Agency ($60 million USD); Compass Bank ($60 million USD); Deutsche Bank AG New York Branch ($60 million USD); Royal Bank of Canada ($60 million USD); The Toronto-Dominion Bank ($60 million USD); U.S. Bank National Association ($60 million USD); Wells Fargo Bank, National Association ($60 million USD); The Northern Trust Company ($32.14 million USD); DBS Bank Ltd., Los Angeles Agency ($25 million USD); Bank of Communications Co., Ltd., New York Branch ($21.43 million USD); Capital One, National Association ($21.43 million USD); Natixis ($21.43 million USD); UBS Loan Finance LLC ($21.43 million USD); National Bank of Kuwait ($15 million USD); UMB Bank, N.A. ($10.71 million USD); and PT. Bank Negara Indonesia (Persero) Tbk. ($7 million USD). On May 30, 2014, the borrowers and 33 lenders entered into 1st Agreement to the RCF in which they extended the maturity by one year to May 31, 2019 and increased the overall commitment to $4 billion USD. BOC contributed to this agreement, the following banks also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; BNP Paribas; The Bank of Nova Scotia; Citibank, N.A.; HSBC Bank USA, National Association; Mizuho Bank, Ltd.; Sumitomo Mitsui Banking Corporation; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Standard Chartered Bank; Bank of Montreal, Chicago Branch; Santander Bank, N.A.; U.S. Bank National Association; Wells Fargo Bank, N.A.; Credit Agricole Corporate & Investment Bank; Societe Generale; Compass Bank; Deutsche Bank AG New York Branch; Royal Bank of Canada; The Toronto-Dominion Bank, New York Branch; Goldman Sachs Bank USA; Citizens Bank, N.A.; Canadian Imperial Bank of Commerce, New York Branch; DBS Bank Ltd., Los Angeles Agency; The Northern Trust Company; Intesa Sanpaolo S.p.A., New York Branch; Capital One, National Association; Natixis, New York Branch; UBS AG, Stamford Branch; National Bank of Kuwait, S.A.K., Grand Cayman Branch; UMB Bank, N.A.; and PT. Bank Negara Indonesia (Persero) Tbk, New York Agency. ICBC and ABC exited the syndicated while BOC remained. BOC’s upsizing is recorded in Record ID#106310 and BOC’s participation in debt rescheduling is recorded in Record ID#106311 On February 26, 2016, the borrowers and lenders entered into an Agreement which they reduced the commitment from $4 billion USD to $3.5 billion USD. On April 20, 2018, the borrowers and certain lenders entered into a $3.5 billion USD RCF, replacing the previous agreement. There was no Chinese bank involved.