Bank of China contributes to a $325 million USD syndicated revolving credit facility to Stemcor Holdings for general working capital requirements and refinancing purposes

Project narrative

In May 2007, a syndicate of 47 banks — including the Bank of China (BOC) — entered into a $325 million USD syndicated multi-currency revolving credit facility (RCF) agreement with Stemcor Holdings Limited — an England and Wales-incorporated private company trading in steel products and raw materials for the production of steel based in London, England with chairman Ralph Oppenheimer and his family holding a 71% interest — for general working capital requirements and refinancing purposes. The RCF carried a maturity period of a 364 days. The proceeds were to be used by the borrower for general working capital requirements, and to refinance its existing $75 million revolving credit facility closed in May 2006. Record ID#111053 captures BOC's contribution. In addition to BOC, the following lenders contributed to the loan syndicate: Fortis Bank, Standard Chartered Bank plc, Bayerische Hypo- und Vereinsbank AG, Commonwealth Bank of Australia (CBA), Crédit Agricole (Suisse) S.A. (CAS), Credit Europe Bank, DBS Bank Ltd., Deutsche Bank AG, HSH Nordbank AG, HSBC Bank, Kaupthing Singer & Friedlander Limited, Mizuho Corporate Bank, Ltd. (MHCB), Nedbank Ltd, Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Sumitomo Mitsui Banking Corporation (SMBC), Société Générale S.A. (SocGen), State Bank of India (SBI), ABN AMRO Bank NV, Australia and New Zealand Banking Group (ANZ), Bank CIC (Switzerland) Ltd. (Bank CIAL), Banque Cantonale de Genève (BCGE), Barclays Bank PLC, BHF-BANK AG, Commerzbank AG, Credit Suisse AG, Demir-Halk Bank (Nederland) N.V., Emirates Bank International PJSC (EBI), Europe Arab Bank, Gulf International Bank B.S.C. (GIB), Landesbank Hessen-Thüringen (Helaba), KBC Bank N.V., Natixis, UBS, Westpac Banking Corporation, ABC International Bank plc, Banque Internationale de Commerce - BRED (Suisse) S.A. (BIC-BRED), Byblos Bank Europe SA, Chang Hwa Commercial Bank, Danske Bank A/S, DZ Bank AG, ING Bank N.V., Jordan International Bank plc, Rabobank International UK, The Economy Bank N.V., WestLB AG, and Zurcher Kantonalbank (ZKB). Fortis and Standard Chartered were the lead banks and Fortis was facility agent. BOC, Bayerische, CBA, Crédit Agricole (Suisse), Credit Europe Bank, DBS Bank, Deutsche Bank, HSH Nordbank, HSBC Bank, Kaupthing Singer & Friedlander, MHCB, Nedbank, OCBC Bank, SMBC, SocGen, and SBI served as lead arrangers. ABN AMRO Bank, ANZ, Bank CIC, BCGE, Barclays, BHF-Bank, Commerzbank, Credit Suisse, Demir-Halk, EBI, Europe Arab Bank, GIB, Helaba, KBC Bank, Natixis, UBS, and Westpac served as arrangers. ABC International Bank, BIC-BRED, Byblos Bank Europe, Chang Hwa Commercial Bank, Danske Bank, DZ Bank, ING Bank, Jordan International Bank, Rabobank International, TEB, WestLB, and ZKB served as senior managers. The facility was launched at $150 million USD and oversubscribed to $325 million USD. Then on May 13, 2008, a syndicate of 51 banks — including BOC and the Industrial and Commercial Bank of China (ICBC) — entered into a $700 million USD syndicated multi-currency RCF agreement with Stemcor Holding Limited for refinancing purposes and to finance its trading activities. The RCF was divided into two tranches: a $550 million USD tranche with a maturity period of one year with a 364-day extension option and a scheduled maturity date of May 13, 2009, a commitment fee of 46.875 basis points (bps), an interest rate of LIBOR plus a margin of 125 bps; and a $150 million USD tranche with a maturity period of three years, a commitment fee of 60 bps, and an interest rate of LIBOR plus a margin of 160 bps. The proceeds were to be used to refinance the $325 million USD RCF from 2007 and to support the company's trading activities. BOC contributed $25 million USD, as captured by Record ID#111054, and ICBC contributed €10 million EUR, as captured by Record ID#111055. Then, in May 2011, a syndicate of 53 banks — including BOC — entered into a $1.000 billion USD syndicated multi-currency RCF agreement with Stemcor Holdings Limited for refinancing and working capital purposes. The RCF was divided into two tranches: a $772.5 million USD tranche with a maturity period of 364 days with two one-year extension options and a final maturity date of May 4, 2012; and a $227.5 million USD tranche with a maturity period of three years. The proceeds of the $772.5 million USD tranche were to be used to replace (refinance) and cancel an existing $562 million USD 364-day RCF dated May 4, 2010 and for general corporate purposes. The proceeds of the $227.5 million USD tranche were to be used to replace (refinance) and cancel an existing $150 million USD three-year loan from May 2008 and a two-year forward start facility dated May 4, 2010 and for general commercial purposes in the ordinary course of business. Record ID#111056 captures BOC's contribution. Then, on April 26, 2012, a syndicate of 45 banks — including BOC — entered into a $850 million USD syndicated RCF agreement with Stemcor Holdings Limited for refinancing purposes. The RCF carried a maturity period of 364 days. The proceeds were to be used by the borrower to refinance the $772.5 million USD tranche maturing on May 4, 2012. Record ID#111057 captures BOC's contribution.