Bank of China contributes $55 million to $311 million syndicated loan for three South African mining companies

In May 2009, Gold Fields Operations Limited, GFI Mining South Africa (Proprietary) Limited, and Gold Fields Orogen Holding (BVI) Limited signed a $311 million syndicated loan (credit facility) agreement with a group of Chinese and non-Chinese banks. Bank of China contributed $55 million to the loan syndicate. The borrower was expected to use proceeds from the loan for working capital and general corporate purposes. The loan proceeds were also to be used to facilitate the repayment of a $750,000,000 loan that GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited and Western Areas Limited contracted on May 16, 2007 (which was arranged by ABN AMRO Bank N.V. and Barclays Capital with Barclays Bank PLC acting as Agent). The maturity length of the loan is unknown. However, the interest rate is calculated as margin plus LIBOR plus mandatory costs. It is recorded as 0.815% + 2.75% = 3.565% (3M average LIBOR May 2009 + Margin).

Additional details

1. The syndicated loan agreement can be accessed in its entirety via https://www.sec.gov/Archives/edgar/data/1172724/000119312509246637/dex424.htm. 2. The mandatory costs vary, and they are unknown, so AidData has not accounted for these costs in the calculation of the interest rate.

Number of official sources

1

Number of total sources

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