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ICBC contributes to THB 32 billion syndicated loan for Acquisition of 65.99% in Esso Thailand Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Bangchak Corporation Public Company Limited (BCP) (formerly Bangchak Petroleum) |
| Country | Thailand |
| Start Date | Jul 31, 2023 |
| End Date | Dec 29, 2026 |
| Duration | 1,247 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 108037 |
Grant Description
ICBC contributes to THB 32 billion syndicated loan for Acquisition of 65.99% in Esso Thailand Project in 2023 On January 11, 2023, Bangchak Corporation Public Company Limited (BCP) entered into a share purchase agreement to acquire 65.99% of the shares in petroleum company Esso (Thailand) Public Company Limited (ESSO) from ExxonMobil Asia Holdings Pte.
Ltd.
Then, on July 31, 2023, BCP signed a THB 32,000,000,000 syndicated loan (facility) agreement with ICBC, Bangkok Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, TMBThanachart Bank, United Overseas Bank, and Government Savings Bank. ICBC reportedly contributed THB 4,571,430,000 to the syndicate.
The loan carries a 48-month, or 4-year tenor with principal and interest payment every 3 months, denominated in Thai baht. The facility bears interest based on THOR plus an unspecified margin.
The loan was expected to enable Esso Thailand to refinance its shareholder loan from ExxonMobil as part of the transaction of Bangchak's acquisition. The acquisition was completed on August 31, 2023.
Staff Comments
- Bangchak Corporation Public Company Limited (BCP), previously known as Bangchak Petroleum, is a petroleum and energy conglomerate in Thailand. It was founded as a state-owned company in 1984, and is now listed on the Stock Exchange of Thailand, doing business in oil refining and retail, as well as sustainable energy through various subsidiaries.
- DLA Piper advised Esso Thailand on the shareholder loan refinancing.
Sources & References
- Acquisition of 65.99% in Esso Thailand Project
- Esso gets refinance loan for Bangchak's acquisition
- DLA Piper advises Esso Thailand on THB20 billion shareholder loan refinancing
- Newsletters (Executive Talk) Acquisition of Shares in Esso (Thailand)
- Bangkok Bank Provides Facility Amount of up to 32 Billion Baht to Bangchak, as Part of the Funding to Purchase ESSO (Thailand) Shares
- Bangchak Completes Payment for 65.99% of Esso (Thailand) Shares Historic Energy Deal Closing; Taking A Leading Spot in the Country’s Refinery Business, along with a Network of over 2,200 Service Stations 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
Bangchak Corporation Public Company Limited (BCP) (formerly Bangchak Petroleum)
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