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Overview

ICBC contributes to a €500 million EUR revolving credit facility to Swarovski International Holding and Crystalon Finanz for unspecified purposes

Commitments (Constant USD, 2023)$83,744,628
Commitment Year•2020Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•SwitzerlandOverseas Jurisdiction•SwitzerlandSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 20, 2020

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

  • Credit Suisse (Schweiz) AG (also known as Credit Suisse (Switzerland) Ltd.)
  • HSBC Trinkaus & Burkhardt AG (HSBC Deutschland)
  • UBS Switzerland AG
  • UniCredit Bank Austria AG (formerly Bank Austria-Creditanstalt (BA-CA))

State-owned Banks

  • Zurich Cantonal Bank (Zürcher Kantonalbank (ZKB))

Receiving agencies

Private Sector

  • Crystalon Finanz AG
  • Swarovski International Holding AG

Loan description

ICBC contributes to a €500 million EUR revolving credit facility to Swarovski International Holding and Crystalon Finanz for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 20, 2020, a syndicate of seven banks — including the Zurich Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a €500 million EUR revolving credit facility (RCF) agreement with Swarovski International Holding AG — a Männedorf, Switzerland-headquartered jewelry, crystal, and optics company and the parent to the Swarovski group of companies based in Watten, Tyrol, Austria — and Crystalon Finanz AG — a subsidiary of Swarovski International Holding AG — for unspecified purposes. This loan was made under Swiss law. In addition to ICBC Zurich Branch, the following banks are known to have contributed to the loan syndicate: UBS Switzerland AG, Credit Suisse (Schweiz) AG, UniCredit Bank Austria AG, HSBC Trinkaus & Burkhardt AG, and Zürcher Kantonalbank (ZKB). UBS Switzerland AG, Credit Suisse (Schweiz) AG, UniCredit Bank Austria AG, and HSBC Trinkaus & Burkhardt AG served as Bookrunners and Mandated Lead Arrangers (BMLA). UBS Switzerland AG served as Agent.

Staff comments

1. The individual contribution of the seven lenders to this €500 million EUR syndicated revolving credit facility are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount (€71,428,571.4286 EUR) to the syndicated loan.