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Overview

Bank of China provides a €20 million EUR loan to NMA Group S.p.A. for unspecified purposes

Commitments (Constant USD, 2023)$23,250,273
Commitment Year•2019Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalyOverseas Jurisdiction•ItalySector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 19, 2019
First repayment (originally scheduled)
Jun 18, 2022
Last repayment (originally scheduled)
Jun 18, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • NMS Group S.p.A.

Guarantors

Private Sector

  • Hefei SARI Oborgen Biopharma Co., Ltd.

State-owned Commercial Banks

  • Bank of China (BOC)

Loan description

Bank of China provides a €20 million EUR loan to NMA Group S.p.A. for unspecified purposes

Grace period•3 yearsInterest rate (t₀)•1.764%Interest type•Variable Interest RateLoan tenor•3-month rateMaturity•3 years

Narrative

Full Description

Project narrative

On June 19, 2019, the Milan Branch of the Bank of China (BOC) signed a €20.000 million EUR loan agreement with NMS Group S.p.A. — an Italy-incorporated biomedical and pharmaceutical company focused on oncology drug discovery, preclinical research, and clinical development and manufacturing headquartered in Nerviano jointly owned by Italian biomedical foundation Fondazione Regionale per la Ricerca Biomedica (FRRB) (10% stake) and by Luxembourg Investment 240 S.a.r.l., a Luxembourg-incorporated company indirectly held by Hefei SARI V-Capital Management Co., Ltd., a Chinese biotechnology investment fund owned by Chinese biotechnology company Hefei SARI Oborgen Biopharma Co., Ltd. as leading investor and also owned by Chinese publicly-traded company Nanjing Hicin Pharmaceutical Co., Ltd., V-Capital Co., Ltd. (a China-incorporated company 99.5% owned by Jiangsu Huaxicun Holdings Co., Ltd., a Chinese publicly traded company), and Chinese state-owned Hefei Dongcheng Industry Investment Co. Ltd. (90% stake) — for unspecified purposes. The loan carried a maturity period of three years with a single lump sum repayment at maturity (a grace period of three years) and final maturity in June 2022 and an interest rate of 3-month EURIBOR plus a margin of 2.1% with quarterly interest payments. On June 14, 2019, the Anhui Branch of BOC issued a irrevocable, first-call three-year letter of credit for €20.5 million EUR (principal and interest) in favor of the Milan Branch of BOC as a guarantee for the loan to NMS Group and then Hefei Sari Oborgen Biopharma Co. Ltd. later issued a letter of guarantee.

Staff comments

1. Bank of China advised Hefei SARI V-Capital Management Co., Ltd — a Chinese biotech investment company — on the acquisition of a 90% ownership stake in NMS Group S.p.A. for €300 million EUR in 2018.