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Overview

ICBC (Europe) contributes to a €2.6 billion EUR syndicated loan to the El Corte Inglés Group in refinancing purposes

Commitments (Constant USD, 2023)$112,438,890
Commitment Year•2022Country of Activity•SpainDirect Recipient Country of Incorporation•SpainOverseas Jurisdiction•LuxembourgSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2022
Last repayment (originally scheduled)
Mar 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 (Europe) S.A. (ICBC (Europe))

Cofinancing agencies

Private Sector

  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Cooperativo Español, S.A.
  • Banco de Sabadell, S.A.
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Bank of America Europe Designated Activity Company (BofA Europe) (formerly Bank of America Merrill Lynch International Designated Activity Company)
  • Barclays Bank Ireland PLC
  • BNP Paribas S.A.
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Citibank Europe plc (CEP)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Deutsche Bank Luxembourg S.A.
  • Deutsche Bank, Sociedad Anónima Española Unipersonal (Deutsche Bank España)
  • Goldman Sachs Bank USA
  • Ibercaja Banco, S.A.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • J.P. Morgan SE (JPMSE) (formerly J.P. Morgan AG (JPMAG))
  • Kutxabank, S.A.
  • Socgen Financiaciones Iberia SL
  • Société Générale S.A. (SocGen or Societe Generale)
  • Unicaja Banco S.A
  • UniCredit Bank Austria AG (formerly Bank Austria-Creditanstalt (BA-CA))

State-owned Banks

  • Aresbank, S.A.

Receiving agencies

Private Sector

  • El Corte Inglés S.A.

Loan description

2022 syndicated €2.6 billion EUR loan from ICBC (Europe) and others to El Corte Inglés Group for refinancing purposes in Spain

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In March 2022, a syndicate of 23 lenders (21 institutions) — including the Industrial and Commercial Bank of China (Europe) S.A. (ICBC Europe) — entered into a €2.600 billion EUR syndicated sustainability-linked bank loan agreement with El Corte Inglés S.A. — a Spanish department store group headquartered in Madrid — for refinancing purposes. This loan was divided into three tranches: a €919 million EUR loan tranche, a €1.081 billion EUR credit facility (line of credit) tranche, and a €600 million EUR loan tranche. This loan carried a maturity period of five years with two one-year extension options and a final maturity date of March 2027. This loan followed the Loan Market Association's standard terms and conditions with an investment-grade company format. As a sustainability-linked loan agreement, this loan featured provisions on sustainability performance in line with the corporate social responsibility strategies implemented by El Corte Inglés Group. The proceeds of the €600 million EUR loan tranche to repay bond issuances in the capital market and the proceeds of the other two tranches were to be used to fully refinance the borrower's February 2020 syndicated loan. In addition to ICBC (Europe), the following lenders contributed to the loan syndicate: Aresbank, S.A., Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Banco Cooperativo Español, S.A., Banco de Sabadell, Banco Santander S.A., Bank of America Europe Designated Activity Company, Barclays Bank Ireland PLC, BNP Paribas S.A., CaixaBank S.A., Citibank Europe plc (CEP), Crédit Agricole Corporate and Investment Bank (CACIB), Deutsche Bank España, Deutsche Bank Luxembourg, Goldman Sachs Bank USA, Ibercaja Banco, S.A., Intesa Sanpaolo S.p.A., J.P. Morgan SE, Kutxabank S.A., Socgen Financiaciones Iberia, Société Générale S.A. (SocGen), Unicaja Banco, and UniCredit Bank Austria AG. Banco Santander served as an agent bank.

Staff comments

1. The individual contributions of the 23 lenders to this €2.600 billion EUR syndicated loan, including to each of the tranches, is unknown. AidData has assumed each lender contributed to each tranche. Therefore, to estimate the contributions of ICBC (Europe), AidData has assumed that each lender contributed equally (€113,043,478.261 EUR) to the loan syndicate.