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ICBC contributes to EUR 365.2 million syndicated loan tranche to Afreximbank for debt refinancing purposes in April 2017 (Linked to Record ID#92327)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | African Export-Import Bank (Afreximbank) |
| Country | Africa, regional |
| Start Date | Apr 01, 2017 |
| End Date | Jul 04, 2029 |
| Duration | 4,477 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 92328 |
Grant Description
ICBC contributions to USD 700 million dual-currency syndicated loan to Afreximbank for debt refinancing purposes in April 2017 In April 2017, the African Export-Import Bank (Afreximbank) signed a $700 syndicated loan facility agreement with a group of 14 banks for debt refinancing purposes.
Participants in the loan syndicate included Abu Dhabi Commercial Bank, Arab Banking Corp, Barclays, Commerzbank, Emirates NBD, HSBC, ICBC, Mizuho, MUFG, SMBC, NBAD, StanChart, Standard Bank and Rand Merchant Bank.
The proceeds of the $700 million were to be used by the borrower to refinance a $500 million loan that matured on May 4, 2017.
Barclays, FirstRand, HSBC, MUFG and Standard Chartered were mandated lead arrangers on the $500 million loan with allocations of $100 million each.
This project captures ICBC's contribution to the EUR 365.2 million tranche; linked Record ID#92327 captures ICBC's contribution to the $311.5 million tranche.
Staff Comments
- The precise size of ICBC’s contribution to the lending syndicate is unknown. For the time being, AidData assumes equal contributions to the dollar-denominated loan tranche ($22.25 million) and the euro-denominated loan tranche (EUR 26,085,714) across the 14 participants in the loan syndicate.
- 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. This applies to the dollar-denominated tranche.
- 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. For this record, the margin was taken as the midpoint between the margin range. This applies to the Euro-denominated tranche.
- AidData has estimated the maturity length of the dollar-denominated tranche by taking the midpoint between 2-years and three years.
- For the time being, AidData assumes that all lenders participated in both tranches. This issue warrants further investigation.
- This loan is not included in the Chinese Loans to Africa Database developed by SAIS-CARI and maintained by the Global Development Policy Center at Boston University.
Sources & References
- Afreximbank scores second syndicated loan
- Cairo-based African Export-Import Bank asks proposals for dollar bond – sources
- Emerging Market Credit Daily Roundup 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
African Export-Import Bank (Afreximbank)
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