Overview

ICBC contributes to USD 90 million syndicated loan to PanAust for refinancing purposes (Linked to Record ID#64223)

Commitments (Constant USD, 2023)$32,721,647

Commitment Year•2016Country of Activity•Lao People's Democratic RepublicDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 28, 2016

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

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Australia and New Zealand Banking Group (ANZ)
Natixis

Receiving agencies

State-owned companies

PanAust Limited

Loan description

ICBC contributes to USD 90 million syndicated loan to PanAust for refinancing purposes in Laos 2016

Interest type•Unknown

Narrative

Full Description

Project narrative

On April 28, 2016, a USD 90 million term loan agreement between three banks, Natixis, ICBC, and ANZ Bank, and Pan Australian Resources Ltd. (PanAust)-- who at the time was an Australia-incorporated copper and gold producer in Laos --achieved financial close. The loan would refinance debt facilities used to develop the Phu Bia copper and gold mine in Laos. Each bank contributed USD 30 million for a total value of USD 90 million. The terms of the loan, however, are unknown. This agreement partially refinanced the USD 250 million syndicated loan provided to PanAust in 2013-- to which ICBC, ANZ Bank, and Natixis were also contributors (captured in Record ID #64223).