Active Development AidData Chinese Aid

ICBC contributes to $1.35 billion syndicated loan to Yapı Kredi for trade finance purposes in October 2017

$31.25M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Yapı ve Kredi Bankası A.Ş. (Yapı Kredi)
Country	Turkey
Start Date	Oct 09, 2017
End Date	Oct 11, 2026
Duration	3,289 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`105727`

Grant Description

ICBC contribution to $1.35 billion syndicated loan in 2017 to Yapı Kredi for trade finance purposes On October 9, 2017, Yapı Kredi signed a $1.35 billion syndicated dual currency term loan facility agreement with 48 banks from 17 countries for trade finance purposes. Bank of America Merrill Lynch and ICBC Yatirim acted as Coordinating Banks and UniCredit Bank SpA as the agent.

The facility was divided into four tranches: a USD-denominated tranche that carried a 367-day maturity and an interest rate of LIBOR plus a 1.35% margin, an EUR-denominated tranche that carried a 367-day maturity and an interest rate of EURIBOR plus a 1.25% margin, a USD-denominated two years plus one business day tranche that carried an interest rate of LIBOR plus a 2.2% margin, and an EUR-denominated two years plus one business day tranche that carried an interest rate of EURIBOR plus a 2.1% margin.

📋 Staff Comments

1. The precise monetary value of ICBC’s contribution to the $1.35 billion syndicated loan is unknown. For the time being, AidData assumes equal contributions ($31,250,000) across the 48 banks that participated in the syndicate. This issue warrants further investigation.

📚 Sources & References

ICBC Turkey Bank A.Ş. 5th Anniversary
Yapi Kredi lands US$1.5bn syndicated loan
US$ 1.35 billion Dual Currency Term Loan Facilities
Baker McKenzie Advises on Yapi Kredi Million Dual Currency Syndicated Term Loan Facilities
Yapi Kredi Secures $1.35 bn refi loan
US$ 1.35 billion Dual Currency Term Loan Facilities
Yapi Kredi secures $1.35 billion syndicated loan ‍ 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.