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Overview

ICBC contributes kr.22.67 million NOK to the kr.45.28 million NOK term loan tranche of a kr.301.87 million NOK syndicated loan for a CDMA450 Project (Linked to Record ID#104684)

Commitments (Constant USD, 2023)$4,594,866
Commitment Year•2011Country of Activity•NorwayDirect Recipient Country of Incorporation•UnknownSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 22, 2011
Last repayment (originally scheduled)
Jan 20, 2018

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project provides a loan to an unspecified special purpose vehicle (SPV) owned by Ice Norge AS for CDMA450 Project. Ice Norge AS is headquartered at Nydalsveien 18B, 0484 Oslo, Norway. More detailed locational information can be found at https://www.openstreetmap.org/node/5079472793.

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

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Unspecified Special Purpose Vehicle (Ice Norge AS)

Implementing agencies

State-owned companies

  • ZTE Corporation (formerly Zhongxing Telecommunication Equipment Corporation)

Loan desecription

January 2011 kr.301.87 million NOK syndicated loan from ICBC and others for a CDMA450 Project in Norway

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

On January 22, 2011, financial close was reached on a deal in which a two-bank syndicate — the Industrial and Commercial Bank of China (ICBC) and ABN AMRO Bank N.V. — entered into a kr.301.87 million NOK ($51.80 million USD) syndicated loan agreement with an unspecified special purpose vehicle (SPV) — wholly-owned by Norwegian mobile communications provider Ice Norge AS, itself owned by American company Access Industries Inc. — for a CDMA450 Project. This loan was divided into two tranches: kr.45.28 million NOK ($7.77 million USD) term loan tranche with a maturity period of seven years and kr.256.59 million NOK ($44.03 million USD) with a maturity period of seven years. ICBC contributed kr.22.67 million NOK ($3.89 million USD) as captured by Record ID#104683 and ABN AMRO contributed kr.22.64 million NOK ($3.89 million USD) to the kr.45.28 million NOK term loan tranche. ICBC contributed kr.128.32 million NOK ($22.02 million USD) as captured by Record ID#104684 and ABN AMRO contributed kr.128.29 million NOK ($22.02 million USD) to the kr.256.59 million NOK term loan tranche. The proceeds were to be used by the borrower to develop a CDMA450 network under a 15-year concession in Norway using ZTE Corporation, expanding and improving its fixed network infrastructure via ZTE; the sponsor originally acquired a technology-neutral license for the 450MHz spectrum from the Norwegian Post and Telecommunications Authority (NPT) in 2004.

Staff comments

1. Swedish mobile communications carrier Nordisk Mobiltelefon AB (NMT) was sold off after going bankrupt in 2009; therefore, AidData assumes that Ice Norge AS (the new name for NMT's Norwegian subsidiary Nordisk Mobiltelefon Norge AS, under Access Industries, Inc.) was the sponsor.