Overview

ICBC contributes to €5 billion EUR syndicated lending facility to France Télécom for debt refinancing

Commitments (Constant USD, 2023)$634,861,337

Commitment Year•2003Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 6, 2003

Last repayment (originally scheduled): Feb 5, 2006

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

ABN AMRO Bank NV
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
Banque Fédérative du Crédit Mutuel (BFCM) (CM-CIC)
Barclays Corporate and Investment Bank (Formerly Barclays Capital)
BNP Paribas S.A.
CIFG Guaranty (Formerly known as CDC IXIS Financial Guaranty S.A.)
Citibank, N.A.
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
Crédit Commercial de France (CCF)
Deutsche Bank AG
Dresdner Bank AG
ING Bank N.V.
J.P. Morgan Limited (formerly J.P. Morgan Plc)
LCL S.A. (formerly Le Crédit Lyonnais)
Natexis Banques Populaires
Société Générale Corporate and Investment Banking (SGCIB)
Société Générale S.A. (SocGen or Societe Generale)

State-owned Banks

Royal Bank of Scotland (RBS)
WestLB AG

Receiving agencies

Private Sector

Orange S.A. (formerly France Télécom S.A.)

Loan description

2003 syndicated €5 billion EUR lending facility from ICBC and others to France Télécom for debt refinancing

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On February 6, 2003, a syndicate of 20 banks — including ICBC — signed a €5 billion eUR syndicated lending facility with France Télécom. The proceeds from the facility will be used to support France Telecom's debt refinancing initiatives. The facility has a three-year maturity, though other lending details are unknown. As part of the agreement, France Telecom is obligated to follow agreed-upon financial ratios. The following banks served as mandated lead arrangers: ABN AMRO Bank N.V., Barclays Capital, BNP Paribas, CCF, CDC Finance–CDC IXIS, Citibank, N.A., Crédit Agricole Indosuez, Crédit Lyonnais, Deutsche Bank AG, Dresdner Kleinwort Wasserstein Limited, J.P.Morgan plc, Natexis Banques Populaires, The Royal Bank of Scotland plc, SG Investment Banking, WestLB AG, Banco Bilbao Vizcaya Argentaria, S.A., Paris Branch, Crédit Mutuel–CIC, Industrial and Commercial Bank of China and ING Bank N.V. Societe Generale acted as the facility agent. An unknown number of other banks participated in the facility as lenders.

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facility by each member of the lending syndicate, therefore equal contributions from each lender have been assumed (5 billion/20 = 250 million).