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Overview

ICBC contributes €25 million EUR to a €1.06 billion EUR syndicated revolving credit facility to Air France for general corporate and refinancing purposes

Commitments (Constant USD, 2023)$39,497,089
Commitment Year•2011Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 4, 2011
Last repayment (originally scheduled)
Apr 2, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Banque Fédérative du Crédit Mutuel (BFCM) (CM-CIC)
  • BNP Paribas S.A.
  • Citigroup Inc.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Deutsche Bank AG
  • Goldman Sachs Group, Inc.
  • HSBC Continental Europe S.A. (formerly HSBC France S.A.)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Natixis
  • Société Générale Corporate and Investment Banking (SGCIB)

State-owned Banks

  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • Air France S.A.

Loan description

ICBC contributes €25 million EUR to a €1.06 billion EUR syndicated revolving credit facility to Air France for general corporate and refinancing purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On April 4, 2011, a syndicate of 14 banks — including the Industrial and Commercial Bank of China (ICBC) — signed a €1.060 billion EUR syndicated revolving credit facility (RCF) agreement with Air France S.A. — the flag carrier airline of France and France-incorporated wholly-subsidiary of Franco-Dutch Air France-KLM S.A. — for general corporate and refinancing purposes. The facility carried a maturity period of five years. The proceeds from the RCF were to used to refinance its previous revolving credit facility, alongside general corporate purposes and to optimize the airline's cash management. Eight Bookrunners contributing €100 million EUR each, four Mandated Lead Arrangers contributing €50 million EUR each, and two arrangers contributing a total of €60 million EUR. Bookrunners include The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), BNP Paribas S.A., Crédit Agricole Corporate and Investment Bank (CACIB), Crédit Mutuel-CIC, HSBC France, Natixis, The Royal Bank of Scotland plc (RBS), and Société Générale Corporate & Investment Banking (SGCIB). Mandated Lead Arrangers were Banco Santander, Commerzbank, Deutsche Bank, and Goldman Sachs. Citigroup and ICBC served as Arrangers, contributing €35 million EUR and €25 million EUR, respectively. On April 29, 2015, a syndicate of 13 banks — including the Bank of China (BOC) — entered into a €1.1 billion EUR ($1.27 billion USD) syndicated revolving credit facility (RCF) agreement with Air France-KLM S.A. — a France-incorporated Franco-Dutch airline holding company with its headquarters in the rue du Cirque, Paris — and Air France S.A. for refinancing purposes. This RCF was divided into two tranches of €550 million EUR each: a tranche with a maturity period of three years and a final maturity date in April 2018 and a tranche with a maturity period of five years. The RCF was subject to financial covenants calculated based on the holding company's consolidated financial accounts. The proceeds were to be used to refinance a €1.06 billion EUR Air France credit facility maturing in April 2016. Record ID#104902 captures BOC's contribution.