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Bank of China contributes to EUR 1.1 billion tranche of syndicated loan to Ciner Group's We Soda (linked to Record ID#67348)
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | WE Soda |
| Country | Turkey |
| Start Date | Aug 01, 2018 |
| End Date | Jun 26, 2026 |
| Duration | 2,886 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 88608 |
Grant Description
BOC contribution to $1.66 billion syndicated loan USD and EUR tranches to Ciner Group's We Soda On August 1, 2018, We Soda — a wholly owned subsidiary of the Ciner Group — signed a $1,660,000,000 syndicated loan agreement with a group of banks. The proceeds of the loan were to be used by the borrower primarily to refinance existing debts.
The loan has two tranches: a $380 million (USD-denominated) tranche (captured via Record ID#67348) and an EUR 1.1 billion (EUR-denominated tranche (captured by this project). Participants in the lending syndicate included Bank of China, Denizbank, Goldman Sachs, and Türkiye İş Bankas. The interest rate for the USD-denominated tranche was 3-month LIBOR plus a 4.25% margin.
The interest rate for the EUR-denominated was the 3-month LIBOR plus a 3.75% margin. The loan has a 7-year maturity (final maturity date: August 1, 2025). Repayments were originally scheduled to commence on December 31, 2018. However, on July 24, 2020, an agreement was signed deferring repayments for the June 30, 2020 to March 31, 2021 period.
Kew Soda Ltd, WE Soda Kimya Yatirimlari A.Ş., Ciner Kimya, Ciner Corp, and Ciner Holdings are guarantors for the loan, and the loan is secured by (i.e. collateralized with) share pledges of Ciner Enterprises Inc., Ciner Corp, Ciner Holdings, Ciner Resources LP, Ciner Kimya, WE Soda Kimya Yatirimlari A.Ş. and Eti Soda.
Staff Comments
- We Soda is the world’s largest soda ash producer, with operations in Turkey and Wyoming. Soda ash and sodium bicarbonate are used in the production of glass, detergents, food, pharmaceuticals, and chemicals.
- 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.
- Bank of China’s contribution to the $380 million loan tranche is unknown. For the time being, AidData assumes equal contributions ($95 million) across all four members of the lending syndicate.
- Bank of China’s contribution to the EUR 1.1 billion loan tranche is unknown. For the time being, AidData assumes equal contributions (EUR 275 million) across all four members of the lending syndicate.
Sources & References
- WE Soda Ltd Annual Report and Financial Statements 31 December 2020
- MORGAN LEWIS ADVISES ON $1.66B REFINANCING OF ONE OF TURKEY’S LARGEST INDUSTRIAL BUSINESSES
- Turkish yields scale new heights as fears intensify
- Turkish soda firm lands large loan, 2019 Winners - Bonds & Loans Awards Turkey2.pdf
- Ciner Group received two awards with $ 1 billion $ 660 syndicate transaction
- The Ciner Group, global-finance 2019 winners bonds in turkey 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.
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WE Soda
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