Overview

ICBC contributes to a $208.5 million syndicated loan in February 2016

Commitments (Constant USD, 2023)$75,805,149

Commitment Year•2016Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 17, 2016

Last repayment (originally scheduled): Feb 15, 2021

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

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Permata Bank

State-owned Banks

Indonesia Eximbank

Receiving agencies

Joint Venture/Special Purpose Vehicles

PT J Resources Nusantara (JRN)

Private Sector

PT Arafura Surya Alam
PT Gorontalo Sejahtera Mining (GSM)
PT J Resources Bolaang Mongondow (JRBM)
PT Sago Prima Pratama

Loan description

ICBC contributions to 208.5 million USD syndicated loan to PT J Resources Nusantara

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On February 17, 2016, ICBC, Indonesia Eximbank, and Permata signed a $208.5 million syndicated loan agreement with PT J Resources Nusantara (JRN), PT Sago Prima Pratama (SPP), PT J Resources Bolaang Mongondow (JRBM), PT Gorontalo Sejahtera Mining (GSM) and PT Arafura Surya Alam (ASA) -- as onshore borrowers -- and J Resources Netherland B.V. (JBV), J Resources Gold (UK) Limited (JRGL) and Specific Resources Sdn Bdn (SRSB) as offshore borrowers. The term of this syndicated loan facility was sixty (60) months as of the utilization date of the syndicated loan. As of December 31, 2016, total loan drawdowns (disbursements) under the loan agreement amounted to $198,500,000.

Staff comments

1. The precise size of the contribution of ICBC to the loan syndicate is unknown. For the time being, AidData assumes equal contributions to the $208.5 million loan ($69,500,000) across the 3 known participants in the loan syndicate. 2. The borrower names are identified in this source: https://web.archive.org/web/20230313190825/https://www.jresources.com/assets/uploads/investor/JRAP-Annual_Report_20175.pdf