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Overview

Agricultural Bank of China contributes to a $300 million USD syndicated loan to Investcorp for unspecified purposes (Linked to Record ID#104363)

Commitments (Constant USD, 2023)$35,370,539
Commitment Year•2005Country of Activity•LuxembourgDirect Recipient Country of Incorporation•LuxembourgOverseas Jurisdiction•SingaporeSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 4, 2005
Last repayment (originally scheduled)
Aug 3, 2010

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Bank of Overseas Chinese (BOOC)
  • Barclays Corporate and Investment Bank (Formerly Barclays Capital)
  • DBS Bank Ltd.
  • Farmers Bank of China
  • Gulf Bank of Kuwait KSCP (Gulf Bank)
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • Maybank International (L) Limited
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • SBI Shinsei Bank, Limited
  • Taiwan Business Bank (TBB)
  • United Overseas Bank Limited (UOB)

State-owned Banks

  • Allied Irish Banks, p.l.c. (AIB)
  • Bank of Kaohsiung (BOK)
  • Taiwan Cooperative Bank

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))

Receiving agencies

Private Sector

  • Investcorp S.A. (ISA)

Loan description

2005 syndicated $300 million USD loan from ABC, ICBC, and others to Investcorp (Luxembourg) for unspecified purposes in Luxembourg

Interest rate (t₀)•3.058%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On August 4, 2005, a syndicate of 17 banks — including the Agricultural Bank of China (Singapore) and the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) — signed a $300 million USD syndicated loan agreement with Investcorp S.A. — a Luxembourg-incorporated bank and an indirect wholly-owned subsidiary of Investcorp Holdings B.S.C., a Bahrain-based investment and private equity firm then listed on the Bahrain Bourse (BSE) — for unspecified purposes. This loan was divided into two tranches and carried a maturity period of five years and an interest rate of LIBOR plus a margin of 90 basis points (bps). Record ID#104362 captures ABC's contribution. Record ID#104363 captures ICBC (Asia)'s contribution. In addition to ABC and ICBC (Asia), the following lenders contributed to the loan syndicate: Barclays Capital, DBS Bank, Mizuho Corporate Bank, Ltd. (MHCB), United Overseas Bank Limited (UOB), Allied Irish Banks p.l.c. (AIB), Gulf Bank of Kuwait KSCP (Gulf Bank), Bank of Overseas Chinese (BOOC), Maybank International (L) Limited, Shinsei Bank, the Offshore Banking Unit of Farmers Bank of China, the Offshore Banking Unit of Bank of Kaohsiung (BOK), the Offshore Banking Unit of Taiwan Business Bank (TBB), the Offshore Banking Unit of Taiwan Cooperative Bank, Hua Nan Commercial Bank (Singapore) (HNCB), and International Commercial Bank of China. Barclays Capital, DBS Bank, MHCB, and UOB served as mandated lead arrangers. ICBC (Asia), AIB, Gulf Bank, BOOC, Maybank International, and Shinsei served as arrangers. ABC (Singapore) joined in syndication as a co-arranger. Farmers Bank of China, BOK, TBB, and Taiwan Cooperative Bank served as lead managers. HNCB (Singapore) and International Commercial Bank of China also participated. This loan was syndicated in Asian markets and increased from its initial $250 million USD target to $300 million USD due to oversubscription.

Staff comments

1. The individual contributions of the 17 lenders to this $300 million USD syndicated loan loan are unknown. For the time being, AidData has estimated the contribution of BOC and CCB by assuming each contributed an equal amount ($17,647,058.8235 USD) to the loan syndicate. 2. A 6-month LIBOR was assumed. The average 6-month LIBOR for August 2005 was 4.02303%. Therefore, the interest rate has been coded as 4.02303% + 0.90% (90 bps) = 4.92303%.