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ICBC contributes to $352.5 million syndicated loan to Ziraat Bank for trade financing and refinancing purposes in April 2022
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Türkiye Ziraat Bankası A.Ş. (Ziraat Bank) |
| Country | Turkey |
| Start Date | Apr 01, 2022 |
| End Date | Jan 31, 2033 |
| Duration | 3,958 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 105595 |
Grant Description
ICBC participates in syndicated loan USD and EUR tranches with Ziraat Bank for trade financing and refinancing purpose in April 2022 In April 2022, Ziraat Bank (Ziraat Bankasi) — a Turkish state-owned bank —signed 367-day, $352.5 million and EUR 814 million sustainability-linked term loan facility agreements with a syndicate of 45 banks in 21 countries.
The $352.5 million loan carried an interest rate of SOFR plus a 2.75% margin and the EUR 814 million loan carried an interest rate of EURIBOR plus a 2.1% margin. The loan proceeds were to be utilized by the borrower for on-lending purposes.
Participants in the syndicate included ICBC, The Commercial Bank (P.S.Q.C.), Abu Dhabi Commercial Bank, Emirates NBD Capital Limited, Citigroup, Deutsche Bank, HSBC, ING, JP Morgan, Mashreqbank, Mizuho, SMBC, Société Générale, and Standard Chartered Bank.
Emirates NBD Capital Limited, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation acted as sustainability coordinators.
Staff Comments
- The size of ICBC’s contribution to the $352.5 million syndicated loan is unknown. For the time being, AidData assumes equal contributions across the 45 banks that participated in the syndicate ($7,833,333). This issue warrants further investigation.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- Legal Advisers to the Borrower: Özok Hukuk Bürosu.
- Legal Advisers to the MLAs: Hogan Lovells.
Sources & References
- BONDS
- LOANS & SUKUK TURKEY AWARDS
- GlobalCapital Syndicated Loan
- Leveraged Finance and Private Debt Awards 2022: the winners revealed
- Press Release: Turkey's Largest Sustainability Themed Colossal Syndicated Loan from Ziraat Bank
- Turkey's Ziraat Bank secures $1.24 billion syndicated loan
- Ziraat Bank Sustainability Strategy & Green
- Social and Sustainable Finance Framework Presentation
- Ziraat Bank 2022 Integrated Annual Report Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Türkiye Ziraat Bankası A.Ş. (Ziraat Bank)
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