ICBC Asia contributes $66.9 million to a $200.6 million syndicated buyer’s credit loan for Supply of 279 Passenger Cars for Line A of Subway of the City of Buenos Aires (Contracts 2 & 3) (Linked to Record ID#41096, #91149, #91148, and #54754)

China CITIC Bank, CMB Wing Lung Bank, and ICBC contributions to 2011 USD 200.6 million syndicated buyer’s credit loan for Supply of 279 Passenger Cars for Line A of Subway of the Ci On November 5, 2008, Argentina's Secretary of Transport of the Federal Planning Ministry, Public Investment Services, and China CITIC International Cooperation Corporation Limited (CITICICC) signed a framework agreement for the supply of 279 passenger cars for the subway (underground) network of Buenos Aires.

On the same day, Argentina’s Secretary of Transport of the Federal Planning Ministry, Public Investment and Services, and CITICICC signed the First Complementary Contract for the supply of 45 Passenger Cars for Line “A” of the Subway (Underground) Network of Buenos Aires and the Second Complementary Contract for the supply of 40 cars of passengers for Line “A” of the Subway (Underground) Network of Buenos Aires.

On July 13, 2010, the Third Complementary Contract for Line “A” of the Subway (Underground) Network of Buenos Aires was signed for the supply of 65 passenger cars.

On January 27, 2010, CITIC Bank and China Construction Bank (CCB) signed a $84,968,550 syndicated buyer’s credit loan with Argentina’s Ministry of Economy and Public Finance to supply cars to Line A of the Subway Network of Buenos Aires.

Sinosure provided export buyer’s credit insurance for the loan. The proceeds of the loan were to be used by the borrower to finance the First and Second Complementary Contracts. CITIC Bank and CCB each contributed $42,484,275 to the syndicated buyer’s credit loan. CITIC Bank's contribution is captured via Record ID#91149, while CCB's contribution is captured via Record ID#41096.

Then, on October 13, 2011, CITIC Bank, ICBC Asia, and CMB Wing Lung Bank, signed a separate, $200,687,550 syndicated buyer's credit loan (BCL) agreement with Argentina’s Ministry of Economy and Public Finance for the same project. Each bank in the syndicate contributed $66,895,850.

The borrower was expected to use the proceeds of the loan to finance the Second Complementary Contract and the Third Complementary Contract.

Sinosure provided buyer’s credit insurance. CITIC Bank, ICBC Asia and Wing Lung Bank each contributed $66,895,850 to that loan.

CITIC Bank's contribution is captured via Record ID#54754, while ICBC Asia's contribution is captured via Record ID#88199 and CMB Wing Lung Bank's contribution is captured via Record ID#91148. On January 12, 2013, the passenger cars were put into operation on the Bueno Aires subway network.