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ICBC (Asia) participates in $500 million syndicated loan for Jamnagar Refinery Project (Linked to Record ID#96702, 96703, 96704)
| Funder | Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) |
|---|---|
| Recipient Organization | Jio-BP (Reliance Petroleum) |
| Country | India |
| Start Date | Oct 13, 2006 |
| End Date | Feb 20, 2027 |
| Duration | 7,435 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 96705 |
Grant Description
China Construction Bank and ICBC contributions to USD 500 million syndicated loan for second tranche of Jamnagar Refinery Project On October 13, 2006, Industrial and Commercial Bank of China (Asia) and 29 other banks participated in a $500 million syndicated loan agreement with Jio-BP (Reliance Petroleum) for the Jamnagar Refinery Project.
The interest rate was to scheduled rise to 165 basis points over LIBOR once the refinery came online. Only mandated lead arrangers (MLAs) were able to contribute to the loan.
MLAs include ABN Amro, Bank of America, BNP Paribas, BTMU, Calyon, Citigroup, DBS, DZ Bank, HSBC, ICICI, Mizuho, SMBC, Standard Chartered, State Bank of India, Bank of Baroda, BayernLB, Fortis, HSH Nordbank, HVB, ICBC Asia, Intesa, KBC, KfW, Mashreq, RBS, WestLB, Natexis, NordLB, Union National Bank and China Construction Bank.
China Construction Bank's contribution is captured via Record ID#96704. ICBC (Asia)'s contribution is captured via Record ID#96705.
The Jamnagar Refinery is the private sector crude oil refinery owned by Reliance Industries in Jamnagar, Gujarat, India.
Staff Comments
- AidData assumes equal contributions ($16.67 million) across all syndicate participants.
- 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.
- Sources differ as to whether ICBC and CCB were both involved as Mandated Lead Arrangers. The source with the most complete information about this second tranche suggests that they were, so that information was used.
- The $500 million syndicated loan was separate from and additional to a $1.5 billion syndicated loan made to Reliance Petroleum for the Jamnagar Refinery Project (as captured via Project ID#96702 and 96703). Contributions to the $500 million syndicated loan were made pro rata to the original, $1.5 billion loan commitment.
Sources & References
- Loan Week
- October 6-12 A roundup of the latest syndicated loan market news
- Reliance to increase refinery loan after blow-out response
- Jamnagar: Refining Indian debt 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
Jio-BP (Reliance Petroleum)
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