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Overview

Industrial and Commercial Bank of China participates in EUR 200 million syndicated loan for corporate debt refinancing and working capital purposes (linked to Record ID#95880 and 95882)

Commitments (Constant USD, 2023)$25,833,636
Commitment Year•2019Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaOverseas Jurisdiction•RussiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2019

Geospatial footprint

Map overview

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Industrial and Commercial Bank of China participated in a syndicated loan for corporate debt refinancing and working capital purposes. More detailed locational information can be found at: https://www.openstreetmap.org/way/37452593

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank ICBC (JSC) (ICBC Moscow)

Cofinancing agencies

Private Sector

  • AO Raiffeisenbank
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JSC Isibasi Bank
  • PJSC «SOVCOMBANK»
  • PJSC Rosbank
  • RCB Bank Ltd

State-owned Commercial Banks

  • China Construction Bank (Russia) Limited (CCB (Russia))
  • JSCB Bank of China (Russia)

Receiving agencies

Private Sector

  • Ural Mining and Metallurgical Company (UMMC)

Implementing agencies

Private Sector

  • Ural Mining and Metallurgical Company (UMMC)

Loan desecription

BOC, CBC and ICBC contribution to EUR 200 million syndicated loan for corporate debt refinancing and working capital purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

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”.

Staff comments

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. See Record ID#95880 for Bank of China's contribution and Record 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.