Overview

Bank of China contributes to USD $500 million loan to ENRC Finance Limited for refinancing purposes

Commitments (Constant USD, 2023)$51,698,565

Commitment Year•2013Country of Activity•KazakhstanDirect Recipient Country of Incorporation•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 12, 2013

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

Bank of China (BOC)

Cofinancing agencies

Private Sector

Credit Suisse AG
Deutsche Bank AG
HSBC Bank PLC
Morgan Stanley Bank, N.A.
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Natixis
Société Générale S.A. (SocGen or Societe Generale)
UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

State-owned Banks

Reserve Bank of India

Receiving agencies

Private Sector

ENRC Finance Limited

Guarantors

Private Sector

Eurasian Natural Resources Corporation PLC (ENRC)

Loan description

Bank of China contributes to USD $500 million loan to ENRC Finance Limited for refinancing purposes in Kazakhstan 2013

Interest rate (t₀)•2.7159%Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

On February 12, 2013, Bank of China contributed USD $50 million to a USD $500 million loan to ENRC Finance Limited. Other members of the syndicate include Credit Suisse, Deutsche Bank, HSBC, Morgan Stanley, MUFG Bank, Natixis, Societe Generale, UniCredit, and Reserve Bank of India. Eurasian Natural Resources Corporation PLC (ENRC) acts as a guarantor on the loan. The purpose of the loan was to refinance an existing revolving credit facility, increase the facility from USD $467 million to USD $500 million, and extend the maturity to 2015. The loan has an interest rate of LIBOR plus 2.25%. The existing facility was a one year loan for USD $467 million with an interest rate of LIBOR plus 2.25% signed in February 2012.