ICBC contributes $48.57 million USD to a $340 million USD syndicated loan for the Newcastle Coal Infrastructure Group 2019 Refinancing Project

Project narrative

On June 21, 2019, financial close was reached on a deal in which a syndicate of seven banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $340 million USD syndicated term loan agreement with Newcastle Coal Infrastructure Group Pty Ltd (NCIG) — a special purpose vehicle (SPV) then owned by a joint venture of BHP (35% equity stake), Yancoal (27% equity stake), Peabody Energy (18% equity stake), Whitehaven Coal (11% equity stake), and Banpu (9% equity stake) — for the Newcastle Coal Infrastructure Group 2019 Refinancing Project. The syndicated loan carried a maturity period of five years and three months (5.25 years) and a final maturity date of September 21, 2024. The proceeds of this loan were to be used by the borrower for the refinancing of existing debt facilities. All seven lenders, including ICBC, contributed $48.57 million USD to the loan syndicate. In addition to ICBC, the following lenders contributed to the loan syndicate: Sumitomo Mitsui Banking Corporation (SMBC), Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited (NAB), Overseas-Chinese Banking Corporation (OCBC Bank), and United Overseas Bank Limited (UOB).