China Construction Bank contributes to RMB 4.8 billion syndicated revolving credit facility agreement to Norlisk Nickel to address the company’s medium-term liquidity needs (Linked to Project ID#66647, 66369, and 95878)

In January 2016, ICBC, Bank of China (Shanghai Branch), and China Construction Bank (Beijing Branch) entered into a five year, RMB 4.8 billion syndicated revolving credit facility agreement with PJSC MMC Norilsk Nickel (‘ Norilsk Nickel’) — a Russian mining and metallurgical company and the world's largest producer of nickel and palladium and a leading producer of platinum, cobalt, copper, and rhodium — to help address the company’s medium-term liquidity needs. As of December 31, 2016, the facility was unutilized. It is unclear if and when Norilsk Nickel drew down on this facility. ICBC was the coordinating mandated lead arranger and China Construction Bank was the facility agent. This was the first RMB-denominated loan that Norilsk Nickel had ever received. The production units of MMC Norilsk Nickel's group in Russia are in the Norilsk Industrial District and the Kola Peninsula, as well as in Finland.

Additional details

1. Highland Fund (a consortium of Chinese investment funds and corporations) signed a binding agreement to take a 13.3% ownership stake in the Bystrinsky Copper Mine for $100 million (as captured via Project ID#67572). Production from the Bystrinsky Copper Mine was expected to be exported to China through an offtake agreement. 2. The RMB 4.8 billion syndicated revolving credit facility was the first RMB-denominated loan that Norilsk Nickel had ever received. 3. The Chinese project title is 俄罗斯Norilsk镍业旗下铜矿项目 or 俄罗斯矿业项目 or 西伯利亚东部的Bystrinsky的铜矿项目. 4. AidData assumes an equal share of contributions between all three members in the syndicate. Therefore, each banks contribution to the CNY 4.8 billion loan would be CNY 1.6 billion. See project ID#66369 for Industrial and Commercial Bank of China's contribution and project ID#95878 for Bank of China's contribution.

Number of official sources

3

Number of total sources

7