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Overview

ICBC contributes to a $290 million USD revolving credit facility to AerCap Holdings for general corporate purposes

Commitments (Constant USD, 2023)$34,923,019
Commitment Year•2012Country of Activity•NetherlandsDirect Recipient Country of Incorporation•NetherlandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 9, 2012
Last repayment (originally scheduled)
Nov 9, 2015

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project was a loan agreement to AerCap Holdings, headquartered at 65 St Stephen's Green, Saint Kevin's, Dublin, Ireland. More detailed locational information can be found at: https://www.openstreetmap.org/way/269819558

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Apple Bank for Savings Inc.
  • Citigroup Global Markets, Inc.
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Credit Suisse AG
  • Deutsche Bank AG
  • Fifth Third Bank
  • Morgan Stanley
  • NatWest Markets Securities Inc. (formerly RBS Securities Inc.)

Receiving agencies

Private Sector

  • AerCap Holdings N.V.

Loan desecription

ICBC contributes to a $290 million USD revolving credit facility to AerCap Holdings

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On November 9, 2012, a syndicate of nine banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $285.0 million USD senior unsecured revolving credit facility (RCF) agreement with AerCap Holdings N.V. — a Netherlands-incorporated and Amsterdam, Netherlands-headquartered global aircraft and engine leasing, trading, and parts sales, aircraft management, and aircraft maintenance and repair company listed on the New York Stock Exchange — for general corporate purposes. This loan carried a maturity period of three years and a final maturity date of November 9, 2015. The borrower had the right, no more than once a year, to increase the commitment amount by a minimum amount of $5.0 million USD or any multiple of $1.0 million USD in excess thereof to a maximum commitment value of $385.0 million USD. The borrower also had the right to terminate or cancel, in whole or in part, any unused portion of the commitment amount provided that any partial reduction was in the minimum amount of $5.0 million USD or any multiple of $1.0 million USD in excess thereof. The proceeds were to be used by the borrower for general corporate purposes. In addition to ICBC, the following lenders contributed to the loan syndicate: Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank (CACIB), RBS Securities Inc., Credit Suisse AG, Deutsche Bank, Fifth Third Bank, Morgan Stanley, and Apple Bank. Citigroup Global Markets, CACIB, and RBS Securities served as joint lead arrangers. The Royal Bank of Scotland (RBS) and CACIB served as syndication agents. Citibank served as administrative agent. This loan was up-sized from its original target to $285 million USD. Then, in 2013, the undrawn commitment available for drawdown under the facility was increased to $290.0 million USD. As of December 31, 2013, there were no loans outstanding under the facility. On May 14, 2014, the borrower terminated the RCF and entered into a $2.75 billion USD RCF.

Staff comments

1. The individual contributions of the nine lenders to this $290 million USD (initially $285 million USD) RCF are unknown. For the time being, AidData has estimated ICBC's contribution by assuming that each lender contributed equally ($32,222,222.2222 USD) to the loan syndicate. 2. In 2015, AerCap Holdings moved its headquarters to Ireland, but remained incorporated in the Netherlands.