Overview

ICBC participates in $275 million syndicated loan to help Compañía de Minas Buenaventura S.A.A. meet its repayment obligations

Commitments (Constant USD, 2023)$27,268,039

Commitment Year•2016Country of Activity•PeruDirect Recipient Country of Incorporation•PeruSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 27, 2016

First repayment (originally scheduled): Jun 27, 2018

Last repayment (originally scheduled): Jun 26, 2021

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The headquarters of the Compañía de Minas Buenaventura S.A.A. is in Lima, Peru. More detailed locational information can be found at: https://www.openstreetmap.org/way/397559270

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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Compañía de Minas Buenaventura S.A.A.

Loan description

ICBC contributes to USD 275 million syndicated loan to help Peruvian mining company Compañía de Minas Buenaventura S.A.A. meet its repayment obligations in 2016

Grace period•2 yearsGrant element•19.7471%Interest rate (t₀)•2.88685%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

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).

Staff comments

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%).