Bank of China participates in EUR 200 million syndicated loan for corporate debt refinancing and working capital purposes (linked to project ID#95882 and 95883)

In December 2019, Ural Mining and Metallurgical Company (UMMC) — a leading Russian producer of copper, zinc and other precious metals — signed an EUR 200 million syndicated loan agreement with a group of Chinese and non-Chinese banks for corporate debt refinancing and working capital purposes. The 4-year unsecured loan facility provides for an up to EUR300 million increase option. Participants in the loan syndicate included Banca Intesa, Bank ICBC (JSC), Joint-Stock Commercial Bank “Bank of China (Russia)”, Isibasi Bank, PJSC ROSBANK, RCB Bank Ltd, China Construction Bank (Russia) Limited, AO Raiffeisenbank, and PJSC "Sovcombank”.

Additional details

1. UMMC operates in more than 40 companies in various industries located in different regions of Russia. It is the largest metal zinc producer in Russia and the second-largest coal producer by volume. 2. The Clifford Chance served as a legal adviser for the transaction. 3. The individual contributions of ICBC, Bank of China, and China Construction Bank are unknown. For the time being, AidData assumes equal contributions ($22,222,222) across the 9 known members of the loan syndicate. For ICBC's contribution see project ID#95883 and see project ID#95882 for China Construction Bank's contribution. 4. The deal was executed under Russian law in the standardized form for a syndicated facility agreement.

Number of official sources

2

Number of total sources

2