ICBC contributes €10 million EUR to a $700 million USD syndicated revolving credit facility to Stemcor Holding for refinancing purposes and to finance its trading activities

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. 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 (Record ID#111054) and ICBC contributed €10 million EUR (Record ID#111055). In addition to BOC and ICBC, the following lenders contributed the respective amount to the loan syndicate (if known): BNP Paribas S.A., Fortis Bank, ING Group N.V., Société Générale Corporate and Investment Banking (SGCIB), ABN AMRO Bank N.V. ($25 million USD), Calyon ($25 million USD), Commonwealth Bank of Australia (CBA) ($25 million USD), DBS Bank ($25 million USD), Deutsche Bank AG ($25 million USD), HSBC Bank ($25 million USD), HSH Nordbank ($25 million USD), Lloyds TSB Bank ($25 million USD), Natixis ($25 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($25 million USD), Standard Chartered Bank plc ($25 million USD), Credit Suisse AG ($17.5 million USD), Europe Arab Bank ($17.5 million USD), Landesbank Baden-Württemberg (LBBW) ($17.5 million USD), Nedbank ($17.5 million USD), SBI Capital Markets ($17.5 million USD), UBS AG ($17.5 million USD), Arab Banking Corporation (ABC) (€10 million EUR), Australia and New Zealand Banking Group (ANZ) (€10 million EUR), Bank of Ireland (€10 million EUR), Banque Cantonale de Genève (BCGE) (€10 million EUR), Barclays Capital (€10 million EUR), BHF-Bank AG (€10 million EUR), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) (€10 million EUR), Commerzbank AG (€10 million EUR), Credit Europe Bank (€10 million EUR), Gulf International Bank B.S.C. (GIB) (€10 million EUR), HypoVereinsbank (HVB) (€10 million EUR), KBC Bank N.V. (€10 million EUR), Mizuho Bank (€10 million EUR), Coöperatieve Rabobank U.A. (€10 million EUR), Raiffeisen Zentralbank Österreich A.G. (RZB) (€10 million EUR), Westpac Banking Corporation (€10 million EUR), Zurcher Kantonalbank (ZKB) (€10 million EUR), Banco Itau, Byblos Bank, Chang Hwa Commercial Bank, Crédit Mutuel (BFCM) (CM-CIC), DZ Bank AG, Jordan International Bank plc, National Bank of Greece, the Economy Bank N.V., Mega International Commercial Bank, Old Mutual, Sal Oppenheim, UniCredit, and Royal Bank of Scotland (RBS). BNP Paribas, Fortis Bank, ING, and SGCIB served as bookrunners. Fortis served as facility and documentation agent. BOC, ABN AMRO, Calyon, CA, DBS, Deutsche Bank, HSBC, HSH Nordbank, Lloyds TSB, Natixis, SMBC, and Standard Chartered served as mandated lead arrangers. Credit Suisse, Europe Arab Bank, LBBW, Nedbank, SBI Capital Markets, and UBS served as arrangers. ICBC, ABC, ANZ, Bank of Ireland, BCGE, Barclays Capital, BHF Bank, BTMU, Commerzbank, Credit Europe Bank, Gulf International Bank, HVB, KBC, Mizuho, Rabobank, RZB, Westpac, and ZKB served as co-arrangers. Banco Itau, Byblos Bank, Chang Hwa Commercial Bank, CM-CIC, DZ Bank, Jordan International Bank, National Bank of Greece and the Economy Bank served as managers. Sal Oppenheim, UniCredit, and Mega International Commercial Bank served as arrangers or less. Stemcor launched the loan in late March 2008 at $400 million USD. The loan was oversubscribed during syndication and increased to $700 million USD. 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.