ICBC provides a $100 million USD revolving credit facility as part of a $300 million USD loan to MMG Finance Limited for discretionary working capital purposes in 2014 (Linked to Record ID#94022, #94023, #94025, and #94026)

Project narrative

On August 22, 2012, the Sydney Branch of the Industrial and Commercial Bank of China (ICBC) entered into a $150.0 million USD loan facility agreement with MMG Finance Limited — a special purpose vehicle and wholly-owned subsidiary of MMG Limited — for working capital purposes. This facility carried a maturity period of one year. Under this facility, if MMG Limited ceased to be a subsidiary of China Minmetals Non-ferrous Metals Company Limited (CMN) or MMG Finance Limited ceased to be a wholly owned subsidiary of MMG, an event of default would occur and ICBC would be entitled to declare all outstanding funds under the facility immediately due and payable. The facility was drawn down in August 2012. Record ID#94022 captures the initial $150 million USD loan commitment. Then, on August 20, 2013, ICBC agreed to extend the maturity period of the $150 million USD facility by another year. Record ID#94023 captures the 2013 one-year extension. Then, on May 20, 2014, the Melbourne Branch of ICBC entered into a $300,000,000 USD loan facility with MMG Finance to replace the $150 million USD facility. This facility carried a maturity period of three years and was divided into a $200,000,000 million USD term cash advance facility tranche for unspecified purposes and a $100,000,000 USD revolving credit facility (RCF) tranche. The proceeds of this facility were for discretionary working capital purposes. MMG Limited issued a guarantee in support of this facility. Under this facility, if MMG Limited ceased to be a subsidiary of CMN or MMG Finance Limited ceased to be a wholly owned subsidiary of MMG, an event of default would occur and ICBC would be entitled to declare all outstanding funds under the facility immediately due and payable. The $100 million USD tranche was available for drawing until April 20, 2017, a month before its final maturity. Record ID#94025 captures the $200 million USD term facility tranche and Record ID#94024 captures the $100 million USD revolving facility tranche. On December 30, 2016, MMG Finance Limited prepaid all amounts then outstanding under the $300 million USD facility and the $200 USD million term tranche was cancelled. On May 22, 2017, the $100 million USD revolving tranche expired; there were no amounts outstanding under it at its expiration. Then, on December 22, 2017, the Melbourne Branch of ICBC entered into a restatement and amendment agreement to establish a new $300,000,000 USD revolving credit facility (RCF). The new facility carried a maturity period of three years and a final maturity date in December 2020. China Minmetals Corporation (CMC), the ultimate controlling shareholder of MMG, issued a guarantee in support this loan, pursuant to a guarantee agreement between CMBC and ICBC. Under this facility, if MMG Limited ceased to be a subsidiary of CMN or MMG Finance Limited ceased to be a wholly owned subsidiary of MMG, an event of default would occur and ICBC would be entitled to declare all outstanding funds under the facility immediately due and payable. The proceeds of this 2017 RCF were available for general corporate purposes. Record ID#94026 captures this 2017 $300 million USD RCF. As of December 31, 2019, $180.0 million USD was outstanding under the 2017 $300 million USD RCF. On June 23, 2020, MMG Finance fully repaid the 2017 facility, at which moment $200.0 million USD was outstanding.