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Overview

ICBC contributes to a €1.75 billion EUR syndicated revolving credit facility with Carrefour for refinancing purposes

Commitments (Constant USD, 2023)$129,606,000
Commitment Year•2010Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 29, 2010
Last repayment (originally scheduled)
Jul 28, 2015

Geospatial footprint

Map overview

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The project was a syndicated revolving credit facility to French supermarket company Carrefour S.A., headquartered at 93 Av. de Paris, 91300 Massy, France. More detailed locational information can be found at: https://www.openstreetmap.org/relation/9987176

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Bank of America Corporation
  • Banque Fédérative du Crédit Mutuel (BFCM) (CM-CIC)
  • Barclays Corporate and Investment Bank (Formerly Barclays Capital)
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Credit Suisse AG
  • Deutsche Bank AG
  • Goldman Sachs Group, Inc.
  • HSBC Continental Europe S.A. (formerly HSBC France S.A.)
  • ING Group N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • La Caja de Ahorros y de Pensiones de Barcelona (La Caixa)
  • Morgan Stanley
  • Natixis
  • Société Générale S.A. (SocGen or Societe Generale)
  • UBS Group AG
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

State-owned Banks

  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • Carrefour S.A.

Loan desecription

2010 syndicated €1.75 billion EUR revolving credit facility from ICBC and others to Carrefour for refinancing purposes

Interest rate (t₀)•1.745%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On July 29, 2010, it was announced that a syndicate of 23 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €1.75 billion EUR ($2.29 billion USD) syndicated revolving credit facility (RCF) agreement with Carrefour S.A. — a French multinational retail and wholesaling company headquartered in Massy, France and listed on the Euronext Paris that is one of the world's largest retailers — for refinancing purposes. This RCF carried a maturity period of five years and an interest rate of EURIBOR plus a margin of 60 basis points (bps) and a non-utilization fee of 35% of the margin. The proceeds were to be used by the borrower to replace a €1.5 billion EUR facility due to mature in November 2011; the RCF was expected to be drawn. In addition to ICBC, the following lenders contributed to the loan syndicate: Société Générale S.A. (SocGen), HSBC France S.A., Banco Santander, S.A., Barclays Capital, BNP Paribas S.A., Crédit Agricole Group, Credit Suisse AG, Deutsche Bank, ING Group N.V., Intesa Sanpaolo S.P.A., Natixis, Royal Bank of Scotland (RBS), UniCredit S.p.A., Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Banque Fédérative du Crédit Mutuel (BFCM) (CM-CIC), JPMorgan Chase Bank, N.A. (Chase Bank), UBS AG, Bank of America Corporation, La Caja de Ahorros y de Pensiones de Barcelona (La Caixa). Carrefour self-arranged the facility. HSBC France and SocGen served as coordinator. SocGen served as documentation agent. Banco Santander, Barclays, BNP Paribas, Citibank, Crédit Agricole, Credit Suisse, Deutsche Bank, HSBC France, Intesa Sanpaolo, Natixis, RBS, SocGen, and UniCredit served as mandated lead arrangers and bookrunners. The loan was launched into syndication on June 16, 2010 at €1.5 billion EUR before being oversubscribed and increased to €1.75 billion EUR. In October 2011, Carrefour sought a €1.5 billion EUR loan to refinance the €1.75 billion EUR.

Staff comments

1. The individual contributions of the 23 lenders to this €1.75 billion EUR syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount (€76,086,956.5217 EUR) to the loan syndicate. 2. A 6-month EURIBOR was assumed. The average 6-month EURIBOR for July 2010 was 1.104%. Therefore, the interest rate has been coded as 1.104% + 0.6% (60 bps) = 1.704%.