Narrative
Full Description
Project narrative
In late March 2012, a syndicate of 53 banks — including Agricultural Bank of China (ABC), Bank of China (BOC), and Industrial and Commercial Bank of China (ICBC) — entered into a $1.93 billion USD syndicated loan facility agreement with E D & F Man Holdings Limited (ED&F Man) — a United Kingdom-based agricultural commodities broker firm — for general corporate purposes. This loan consisted of two facilities: a $1.225 billion USD revolver facility with a maturity period of 364 days and a $705 million USD facility with a maturity period of three years, both fully available for drawdown. The proceeds of this loan facility were to be used by the borrower for general corporate purposes and to replace (refinance) $1.684 billion USD of outstanding debt, including a $1.089 billion USD 364-day revolver maturing in April 2012 and a two-year loan and five-year loan signed in April 2012. Record ID#100079 captures ABC's contribution. Record ID#100080 captures BOC's contribution. Record ID#100081 captures ICBC's contribution. In addition to the Chinese state-owned banks, the following lenders contributed to the loan syndicate: ABN AMRO Bank N.V., Australia and New Zealand Banking Group (ANZ), Arab Banking Corporation (Bank ABC), Bank Hapoalim, Bank Leumi, Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), BNP Paribas S.A., British Arab Commercial Bank PLC, Brown Brothers Harriman & Co. (BBH), Chang Hwa Commercial Bank, Coöperatieve Rabobank U.A., Crédit Agricole, Credit Suisse AG, DBS Bank, Deutsche Bank, Fifth Third Securities, Inc., First Commercial Bank, GE Capital Markets, Gulf International Bank (GIB), HSBC Bank, Landesbank Hessen-Thüringen (Helaba), ICICI Bank, ING Bank N.V., JPMorgan, Lloyds Bank, KBC Group N.V., KfW, Maybank Investment Bank, Mizrahi Tefahot Bank, Natixis, Nedbank, Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Royal Bank of Scotland (RBS), the Bank of Nova Scotia (Scotiabank), Société Générale S.A. (SocGen), Standard Chartered Bank plc, Sumitomo Mitsui Banking Corporation (SMBC), Turkiye Garanti Bankasi, UniCredit Bank AG, Union of Arab and French Banks (UBAF), Washington Banking Co, WestLB AG, and Zürcher Kantonalbank (ZKB). ABN Amro, BNP Paribas, Rabobank, ING, Lloyds, SocGen, and Standard Chartered served as bookrunners and mandated lead arrangers. DBS Bank, HSBC, Natixis, and WestLB joined as early bird managed lead arrangers. The loan was oversubscribed in syndication. Then, in late March or early April 2013, a syndicate of 59 banks — including ABC, BOC, China Construction Bank Corporation (CCB), and ICBC — entered into a $1.89 billion USD syndicated loan agreement with ED&F Man for refinancing purposes. This loan was divided into two facilities: a $1.275 billion USD revolving credit facility (RCF) with a maturity period of 364 days and a $615 million USD RCF with a maturity period of three years. The proceeds of these facilities would be used by the borrower to replace (refinance) debt accrued in March 2012, namely the $1.225 billion USD 364-day revolver facility and the $705 million USD three-year facility. Record ID#100082 captures ABC's contribution. Record ID#100083 captures BOC's contribution. Record ID#100084 captures CCB's contribution. Record ID#100085 captures ICBC's contribution.
Staff comments
1. The individual contributions of the 53 lenders to this $1.93 billion USD syndicated loan is unknown. For the time being, AidData has assumed each lender contributed to tranche equally. Therefore, to estimate the contribution of ABC, BOC, and ICBC, AidData has assumed that each lender contributed an equal amount ($36,415,094.3396 USD) to the loan syndicate. 2. As it unclear whether the Chinese state-owned banks contributed to each loan tranche, to estimate maturity period, AidData has coded the average maturity period of the two tranches ([1 + 3) / 2 ] = 2 and coded it as the maturity period of this record.