Active Commercial AidData Chinese Aid

ICBC participates in $150 million USD syndicated loan for Union Bank of India in June 2006

$13.64M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	United Bank of India Limited (UBI)
Country	India
Start Date	Jun 30, 2006
End Date	Feb 21, 2029
Duration	8,272 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98326`

Grant Description

ICBC contribution to USD 150 million syndicated loan for Union Bank of India in June 2006 On June 30, 2006, a $150 million USD syndicated loan to Union Bank of India was closed. ICBC contributed $13,636,363.60 USD to this loan.

Mandated lead arrangers included Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, DBS Bank, Natexis Banques Populaires, RZB Austria and Standard Chartered Bank.

BBVA, Lloyds TSB, Industrial & Commercial Bank of China, Commerzbank and National Bank of Dubai have already committed and several others are still processing credit approvals. Signing was planned to take place on July 17, 2006 but confirmation of this signing is unavailable.

📋 Loan / Grant Terms

💰 Loan Amountcarried a maturity period of three years and had an interest rate of 1

Loan proceeds will be used for unspecified purposes.

📋 Staff Comments

This loan carried a 5.82% interest rate (AidData calculated the interest rate as follows: 5.490% [average 6-month LIBOR in June 2006] + 0.33% [33 basis points] = 5.82%).
Specific contributions of each financier are unknown. To calculate ICBC's contribution to this loan, AidData a) assumes that each officialsector financing institution from China contributed an equal amount to the syndicated loan and (b) estimate the contributions of each financier by dividing the total face value of the loan ($150 million USD) by the total number of financiers in the syndicate (11 financiers). This brings the contribution of each individual financier to $13,636,363.60 USD.

📚 Sources & References

Loan Week
June 23 - June 30
India 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.