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Overview

ICBC contributes to a $80 million USD syndicated loan to Sun Metals Corporation for refinancing purposes (Linked to Record ID#94862 and #94863)

Commitments (Constant USD, 2023)$12,334,342
Commitment Year•2005Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 25, 2005
Last repayment (originally scheduled)
Aug 24, 2008

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banca di Roma S.p.A.
  • Chiao Tung Bank Company Ltd.
  • Citigroup Inc.
  • Hana Bank Co., Ltd. (formerly KEB Hana Bank)
  • International Bank of Taipei (IBT)
  • Korea Exchange Bank (KEB)
  • National Agricultural Cooperative Federation (NH) (NACF)
  • Shinhan Financial Group Co., Ltd.

State-owned Banks

  • Export-Import Bank of Korea (KEXIM)
  • Korea Development Bank (KDB)

State-owned Commercial Banks

  • Bank of China (BOC)
  • China Construction Bank Corporation (CCB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Sun Metals Corporation Pty Ltd

Guarantors

Private Sector

  • Korea Zinc Company Limited

Loan description

2005 ICBC, BOC, and China Construction Bank contributions to $80 million USD syndicated loan to Sun Metals Corporation for refinancing purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On August 25, 2005, a syndicate of 13 banks — including the Bank of China (BOC), China Construction Bank Corporation (CCB), and the Industrial and Commercial Bank of China (ICBC) — signed a $80 million USD syndicated loan agreement with Sun Metals Corporation Pty Ltd — a special purpose vehicle (SPV) and wholly owned subsidiary of Korea Zinc Company Limited that operates Sun Metals Zinc Refinery, Queensland's biggest zinc refinery — for refinancing purposes. This loan carried a maturity period of three years. Korea Zinc issued a guarantee in support of this loan. The proceeds of this loan were to be used by the borrower to refinance its existing debt. In addition to BOC, CCB, and ICBC, the following lenders contributed to this loan syndicate: Citigroup, Hana Bank, Korea Exchange Bank, Shinhan Financial Group Co., Ltd., the Export-Import Bank of Korea (KEXIM), National Agricultural Cooperative Federation, Chiao Tung Bank, Banca di Roma, Korea Development Bank (KDB Bank), and International Bank of Taipei. Citigroup and Hana Bank served as the mandated lead arrangers. CCB, Korea Exchange Bank, Shinhan Financial, and KEXIM served as lead manager. ICBC, National Agricultural Cooperative Federation, Chiao Tung Bank, and Banca di Roma served as senior managers. BOC, KDB Bank, and International Bank of Taipei served as managers. Record ID#94862 captures BOC's contribution. Record ID#94863 captures CCB's contribution. Record ID#94864 captures ICBC's contribution.

Staff comments

1. Sun Metals Corporation operates the Sun Metals Zinc Refinery, which is located 15 kilometers south of the city of Townsville in North Queensland. 2. The individual contribution of the 13 lenders to this $80 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC, CCB, and ICBC by assuming that each lender contributed an equal amount ($6,153,846.15385 USD) to the syndicated loan.