ICBC contributes $40 million USD to a $600 million USD syndicated revolving loan to Millicom International Cellular for refinancing, general corporate, and working capital purposes (Linked to Record ID#103953)

Project narrative

On January 27, 2017, a syndicate of 13 banks — including the Bank of China (Luxembourg) S.A. (BOC Luxembourg) and the Luxembourg Branch of the Industrial and Commercial Bank of China (ICBC) — signed a $600,000,000 USD syndicated multi-currency revolving facility agreement with Millicom International Cellular S.A. — a Luxembourg-incorporated and based telecommunications provider active in Africa and Latin America and operator of the Tigo mobile brand listed on Nasdaq Stockholm and Nasdaq Stock Exchange — for refinancing, general corporate, and working capital purposes. This loan carried a maturity period of five years and an interest rate based on LIBOR or EURIBOR (depending on currency drawdown) plus a starting margin of 1.50% per annum (with the margin ranging from 2.00% to 1.30% based on the borrower's net leverage ratio). Millicom International Cellular issued a guarantee for this loan. The proceeds were to be used by the borrower for general corporate and working purposes and to refinance a $500,000,000 USD syndicated dual-tranche revolving credit facility accrued in June 2014. BOC Luxembourg committed $55,000,000 USD and ICBC committed $40,000,000 USD. Record ID#103953 captures BOC Luxembourg's contribution. Record ID#103954 captures ICBC's contribution. In addition to BOC Luxembourg and ICBC, the following lenders contributed the respective amounts to the loan syndicate: the Bank of Nova Scotia (Scotiabank) ($55,000,000), BGL BNP Paribas S.A. ($55,000,000 USD), the London Branch of Citibank N.A. ($55,000,000 USD), DNB Sweden AB ($55,000,000 USD), Goldman Sachs Bank USA ($55,000,000 USD), J.P. Morgan Securities plc ($55,000,000 USD), Barclays Bank PLC ($40,000,000 USD), the London Branch of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) ($40,000,000 USD), Nordea Bank AB (publ) ($40,000,000 USD), the Isle of Man Branch of the Standard Bank of South Africa Limited ($27,500,000 USD), and Standard Chartered Bank PLC ($27,500,000 USD). Scotiabank, Citigroup Global Markets Limited, the Sweden Branch of DNB Markets served as coordinators, mandated lead arrangers, and bookrunners. Scotiabank, BNP Paribas, Citigroup Global Markets, DNB Markets, Goldman Sachs Bank USA, J.P. Morgan Limited, Nordea Bank, and Standard Chartered Bank served as arrangers. The Sweden Branch of DNB Bank ASA served as agent. BOC Luxembourg and Goldman Sachs were also mandated lead arrangers. ICBC, Barclays, BBVA, and Nordea served as lead arrangers. Standard Bank served as arrangers.