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Overview

ICBC contributes USD 15 million to $371.5 million term loan tranche of $400 million facility to Minera Frisco for general corporate purposes in 2019

Commitments (Constant USD, 2023)$15,569,812
Commitment Year•2019Country of Activity•MexicoDirect Recipient Country of Incorporation•MexicoSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 11, 2019
Last repayment (originally scheduled)
Dec 11, 2024

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% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Bank of America Corporation
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • HSBC Bank PLC
  • ING Bank
  • Scotiabank, Inc.

Receiving agencies

Private Sector

  • Minera Frisco SAB de CV

Loan description

ICBC contribution to $371.5 million term loan tranche of $400 million facility to Mexican mining company Minera Frisco for general corporate purposes in 2019

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On December 11, 2019, an agreement between Minera Frisco— a Mexican company specializing in mineral resource exploration and extraction —and a syndicate of eight banks for the provision of a USD 400 million loan facility reached financial close. The loan refinanced existing debt and was split into a USD 28.5 million term loan tranche and a USD 371.5 million term loan tranche. ICBC contributed USD 15 million to the $371.5 million tranche. Both tranches were earmarked for general corporate purposes and carried maturities of five years. Furthermore, the loan facility’s amortization profile was concentrated towards the end of the maturity period. The remaining borrowing terms of the loan are unknown.