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Overview

ICBC contributes $200 million USD to a November 2023 $1.5 billion USD syndicated loan to ADNOC Drilling Company for refinancing purposes (Linked to Record ID#101379 and #101392)

Commitments (Constant USD, 2023)$200,000,000
Commitment Year•2023Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesOverseas Jurisdiction•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2023
Last repayment (originally scheduled)
Nov 1, 2027

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

Joint Venture/Special Purpose Vehicles

  • Arab Bank for Investment and Foreign Trade PJSC (Al Masraf)

Private Sector

  • Citibank, N.A.
  • Gulf Bank of Kuwait KSCP (Gulf Bank)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • First Abu Dhabi Bank PJSC (FAB)
  • Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB))

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • ADNOC Drilling Company P.J.S.C.

Loan description

November 2023 $1.5 billion USD syndicated loan to ADNOC Drilling Company for refinancing purposes in the United Arab Emirates

Interest rate (t₀)•6.40367%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•4 years

Narrative

Full Description

Project narrative

Between January 1 and June 30, 2023, the DIFC Branch of the Agricultural Bank of China (ABC) joined a $1,500,00,000 USD syndicated loan agreement with ADNOC Drilling Company P.J.S.C. — an Abu Dhabi, United Arab Emirates-headquartered national drilling company, the Middle East's largest by rig fleet size that is majority-owned by Emirati state-owned Abu Dhabi National Oil Company (ADNOC) — for unspecified purposes. The loan carried a maturity period of five years with a bullet repayment profile, a final maturity date in November 2023, and an interest rate of one-month LIBOR plus a fixed margin of 0.9%. ABC joined with a $50,000,000 USD commitment, taking that amount from the $155,000,000 USD contribution of Abu Dhabi Commercial Bank (ADCB). Record ID#101379 captures ABC's contribution. On November 1, 2023, a syndicate of nine banks — including the Dubai Branch of the Bank of China (BOC) and the Dubai (DIFC) Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $1,500,000,000 USD syndicated term loan agreement with ADNOC Drilling Company P.J.S.C. for refinancing purposes. This loan (referred to as 'Facility D') carried a maturity period of four years, a final maturity date of November 2027, and an interest rate of Term SOFR plus a margin of 0.95%. The proceeds of this loan were used by the borrower to repay the existing $1.5 billion USD syndicated term loan. BOC contributed $200,000,000 USD and ICBC contributed $200,000,000 USD. Record ID#101392 captures BOC's contribution. Record ID#101393 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed the respective amounts to the loan syndicate: Abu Dhabi Commercial Bank PJSC (ADCB) ($200,000,000 USD), First Abu Dhabi Bank (FAB) ($200,000,000 USD), Arab Bank for Investment and Foreign Trade PJSC (Al Masraf) ($100,000,000 USD), the Saudi National Bank (SNB) ($250,000,000 USD), the London Branch of JPMorgan Chase Bank N.A. ($150,000,000 USD), the ADGM Branch of Citibank N.A. ($100,000,000 USD), and Gulf Bank K.S.C.P. ($100,000,000 USD).