ICBC participates in $275 million syndicated loan to help Compañía de Minas Buenaventura S.A.A. meet its repayment obligations
Commitment amount
$ 29520112.708961677
Adjusted commitment amount
$ 29520112.71
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Peru
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On June 27, 2016, Compañía de Minas Buenaventura S.A.A. entered into a long-term syndicated loan agreement with the Industrial and Commercial Bank of China (ICBC) and other financial institutions worth $275 million. ICBC contributed an estimated $25 million to the syndicated. The borrower was expected to use the proceeds of the loan to meet its (re)payment obligations. The loan carries an interest rate of LIBOR plus a 2% margin, a 2-year grace period, and a 5-year maturity (final maturity date: 2021).
Additional details
1. ICBC's $25 million contribution to the loan syndicate is inferred from the financial statement of the company reviewed by EY. 2. The other participants in the loan syndicate are unknown. This issue warrants further investigation. 3. AidData has estimated the all-in interest rate by adding 2% to average 6-month LIBOR in June 2016 (0.936%).
Number of official sources
3
Number of total sources
3
Details
Cofinanced
Yes
Direct receiving agencies [Type]
Compañía de Minas Buenaventura S.A.A. [Private Sector]
Loan Details
Maturity
5 years
Interest rate
2.936%
Grace period
2 years
Grant element (OECD Grant-Equiv)
19.6059%