Skip to content
AidData logo

Overview

Bank of China contributes $75 million USD to a $300 million USD syndicated loan to Glencore International for prepayment to Chichester Metals against future deliveries of iron ore

Commitments (Constant USD, 2023)$79,809,479
Commitment Year•2017Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•SwitzerlandSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 24, 2017
Last repayment (originally scheduled)
May 24, 2019

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

  • ABN AMRO Bank NV
  • ING Group N.V.
  • Société Générale S.A. (SocGen or Societe Generale)

Receiving agencies

Private Sector

  • Glencore International AG

Loan description

Bank of China contributes $75 million USD to a $300 million USD syndicated loan to Glencore International for prepayment to Chichester Metals against future deliveries of iron ore

Interest type•UnknownMaturity•2.329 years

Narrative

Full Description

Project narrative

On January 24, 2017, a syndicate of four banks — the Bank of China (BOC), ABN AMRO Bank N.V., ING Group N.V., and Société Générale S.A. (SocGen) — entered into a $300 million USD syndicated term loan agreement with Glencore International AG — a Switzerland-incorporated wholly-owned subsidiary of Glencore plc, Jersey-incorporated multinational commodity trading and mining company with headquarters in Baar, Switzerland listed on the London Stock Exchange — to finance prepayments to Chichester Metals Pty Ltd against future deliveries of iron ore. The loan carried a maturity period of approximately 2.329 years and a final maturity date of May 24, 2019. BOC and ABN AMRO contributed $75.00 million USD, ING Group contributed $100.00 million USD, and SocGen contributed $50.00 million USD.