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Overview

ICBC contributes to EUR 1.1 billion syndicated lending facility to Vallourec for general financing purposes

Commitments (Constant USD, 2023)$78,773,636
Commitment Year•2014Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 13, 2014
Last repayment (originally scheduled)
Feb 12, 2019

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)
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Crédit du Nord
  • Deutsche Bank AG
  • HSBC Continental Europe S.A. (formerly HSBC France S.A.)
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • Itaú Unibanco S.A.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Société Générale Corporate and Investment Banking (SGCIB)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation Europe Limited

Receiving agencies

Private Sector

  • Vallourec S.A.

Loan description

2014 syndicated €1.1 billion EUR lending facility from ICBC and others to Vallourec for financing purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On February 13, 2014, a syndicate of 19 banks -- including ICBC -- signed an agreement with Vallourec to provide a EUR 1.1 billion multi-currency syndicated revolving credit facility to the company, a manufacturer of tubular products. The facility carries a five-year maturity, with two one-year extension options. Other lending terms, including interest rates, are unknown. Proceeds from the facility will be used for general corporate financing purposes. A total of 19 banks joined the lending syndicate: Banco Santander, The Bank of Tokyo-Mitsubishi UFJ, Banque Fédérative du Crédit Mutuel (Groupe Crédit Mutuel- CIC), BNP Paribas, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Société Générale Corporate & Investment Banking and Sumitomo Mitsui Banking Corporation Europe Limited served as mandated lead arrangers and bookrunners. Bank of America Merrill Lynch, Barclays Bank Plc, Citi, Deutsche Bank, HSBC France and Standard Chartered Bank were mandated lead arrangers. Credit du Nord, ICBC, Intesa Saopaolo, Itau BBA International, and JPMorgan joined the syndicate as arrangers.

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.