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Overview

ICBC contributes to a €660 million EUR syndicated loan to Ravago for refinancing and working capital purposes

Commitments (Constant USD, 2023)$53,298,726
Commitment Year•2013Country of Activity•LuxembourgDirect Recipient Country of Incorporation•LuxembourgSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2013
Last repayment (originally scheduled)
Nov 30, 2017

Geospatial footprint

Map overview

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This project was a syndicated credit facility agreement with Ravago S.A., a Luxembourg-based chemicals company headquartered at 76-78 Rue de Merl, 2146 Märel Luxembourg. More detailed locational information can be found at: https://www.openstreetmap.org/way/1092563501

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

  • ABN AMRO Bank NV
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Deutsche Bank AG
  • Fifth Third Bank
  • ING Group N.V.
  • KBC Group N.V.
  • NIBC Bank N.V.

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Belfius Bank S.A. (formerly Dexia Bank Belgium)

Receiving agencies

Private Sector

  • Ravago S.A.

Loan desecription

2013 syndicated €660 million EUR loan from ICBC and others to Ravago for refinancing and working capital purposes

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

In December 2013, a syndicate of 17 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €660 million EUR syndicated multi-currency credit facility agreement with Ravago S.A. — a Luxembourg-incorporated and headquartered company involved in the production, sale, compounding, and recycling of plastics, polymers, rubber, and chemicals that is privately owned by the Roussis family of Belgium — for refinancing and working capital purposes. This loan consisted of two tranches: a €500 million EUR revolver tranche and a €160 million EUR amortizing term loan tranche, both with a maturity period of four years. The proceeds were to be used by the borrower to refinance its €445 million EUR syndicated loan facility and to finance future working capital requirements and capital expenditure. In addition to ICBC, the following lenders contributed to the loan syndicate: ING Group N.V., KBC Group N.V., ABN Amro Bank NV, Belfius Bank, BNP Paribas S.A., Commerzbank AG, Bayerische Landesbank (BayernLB), Deutsche Bank, Fifth Third Bank, NIBC Bank N.V., and Barclays Bank Plc. ING and KBC served as mandated lead arrangers and bookrunners. ABN Amro, Belfius Bank, BNP Paribas, Commerzbank and BayernLB served as senior mandated lead arrangers. Deutsche Bank, Fifth Third Bank, and NIBC served as mandated lead arrangers. ICBC and Barclays served as lead arrangers. The remaining five lenders served as arrangers. This loan was oversubscribed and increased from its initial €560 million EUR target in syndication.

Staff comments

1. The individual contributions of the 17 lenders to this €660 million EUR syndicated loan are unknown. AidData has assumed each lender has contributed equally to each tranche. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount (€38,823,529.4118 EUR) to the loan syndicate. 2. Ravago is commonly described as a Belgian company, due to its founding in Belgium and its ownership being Belgian; however, it is incorporated and headquartered from Luxembourg.