ICBC contributes to a $250 million USD syndicated pre-export credit facility to Russian Copper Company for refinancing and working capital purposes
Commitment amount
$ 25637194.36798156
Adjusted commitment amount
$ 25637194.37
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
In November 2013, a syndicate of 11 banks — including the Industrial and Commercial Bank of China (BOC) — signed a $250 million USD syndicated pre-export credit facility agreement with ZAO Russian Copper Company (RCC) (RMK) — a Russian copper producer whose majority shareholder is Russian billionaire Igor Altushkin — for refinancing and working capital purposes. It carried a maturity period of five years, and an amortizing structure. The facility was secured by (i.e. collateralized against) the assignment of export proceeds up to the final buyers and by first demand guarantees from RCC. The PXF covers RCC's export of copper cathode and copper wire rod. The proceeds were to be used by the borrower to refinance its existing debt and for working capital purposes. In addition to ICBC, the following lenders contributed to the loan syndicate: Natixis, Société Générale S.A. (SocGen), Rosbank, Alfa Bank, Nordea, Sberbank Europe, Trafigura Beheer (through its Galena arm), Amsterdam Trade Bank, Fimbank, and Federated. Natixis, SocGen, and Rosbank acted as mandated lead arrangers and bookrunners; the other eight lenders joined in syndication, which was launched in October 2013 and closed in November 2013. Nordea, Sberbank Europe, and Alfa Bank acted as mandated lead arrangers. ICBC, Amsterdam Trade Bank, and Trafigura served as lead arrangers. Fimbank and Federated Project and Trade Finance served as arrangers. Natixis served as facility and security agent. Natixis Bank and Rosbank served as passport banks. The deal was refinanced and increased to a five-year $300 million USD loan in November 2016, although ICBC is not known to have not participated in that loan.
Additional details
1. The individual contribution of the 11 lenders to this $250 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($22,727,272.7273 USD) to the syndicated loan.
Number of official sources
0
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Société Générale S.A. (SocGen) [Private Sector]
Natixis [Private Sector]
PJSC Rosbank [Private Sector]
Alfa-Bank JSC [Private Sector]
Nordea Bank Abp [Private Sector]
Sberbank [State-owned Bank]
Trafigura Beheer BV [Private Sector]
Amsterdam Trade Bank N.V. (ATB) [Private Sector]
First International Merchant Bank (FIMBank) [Private Sector]
Federated Project and Trade Finance Core Fund [Private Sector]
Direct receiving agencies [Type]
ZAO Russian Copper Company (RCC) (RMK) [Private Sector]
Collateral provider [Type]
Russian Copper Company ZAO (RCC) (RMK) [Private Sector]
Security agent/Collateral agent [Type]
Natixis [Private Sector]
Collateral
The facility was secured by the assignment of export proceeds up to the final buyers and by first demand guarantees from Russian Copper Company.
Loan Details
Maturity
5 years