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Overview

Bank of China contributes to a $175 million syndicated loan facility to Harmony Gold Mining Company Limited (Linked to Record ID#96815)

Commitments (Constant USD, 2023)$23,277,765
Commitment Year•2017Country of Activity•South AfricaDirect Recipient Country of Incorporation•South AfricaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 28, 2017

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 of China (BOC)

Cofinancing agencies

Private Sector

  • Absa Bank Limited
  • Caterpillar Financial Services
  • Citibank, N.A.
  • HSBC Bank PLC
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Nedbank Ltd

State-owned Banks

  • State Bank of India (SBI)

Receiving agencies

Private Sector

  • Harmony Gold Mining Company Limited

Loan desecription

In 2017, Bank of China contributes to the first USD 175 million syndicated loan facility to Harmony Gold Mining Company Limited, South Africa

Interest rate (t₀)•4.46056%Interest type•Variable Interest RateLoan tenor•3-month rate

Narrative

Full Description

Project narrative

On July 28, 2017, Harmony Gold Mining Company Limited borrowed a $350 million loan from an international syndicate of lenders, including Bank of China (BOC). The loan included two separate facilities. The first (captured in Record ID#96814) was a $175 million syndicated loan facility with an interest rate of contemporary 3-month LIBOR plus a 3.15% margin rate. The second (captured in Record ID#96815) was a $175 million revolving credit facility with an interest rate of contemporary 3-month LIBOR plus a 3% margin rate. The facility agreement allowed the lenders to transfer their facility commitments. The intended purpose of both loans is unknown, as were their maturity dates. However, both were fully settled in October 2019 by a separate $400 million loan facility. Nedbank Limited, Absa Bank Limited, JP Morgan Chase Bank N.A, Caterpillar Financial Services Corporation, HSBC Bank Plc, State Bank of India, The Bank of China (BOC) and Citibank N.A. were lenders. Nedbank Limited and Absa Bank Limited acted as arrangers. Nedbank Limited acted as facility agent.

Staff comments

1. For the time being, AidData is assuming equal contribution of all lenders. The financing organization's contribution ($2187500) was derived from dividing the full loan amount ($175 million) by the total amount of lenders (8). 2. The loan's interest rate (4.458%) was derived from the sum of contemporary 3-month LIBOR (1.308%) and the margin rate (3.15%).