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Overview

ICBC contributes to a €1.25 billion EUR syndicated revolving credit facility to Scania for refinancing purposes

Commitments (Constant USD, 2023)$83,771,636
Commitment Year•2016Country of Activity•SwedenDirect Recipient Country of Incorporation•SwedenSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 20, 2016
Last repayment (originally scheduled)
Jun 19, 2021

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The project is providing a loan for re-financing to Scania AB, which is headquartered at Nyköpingsvägen 33 151 32, Södertälje, Stockholm Sweden. More detailed locational information can be found at: https://www.openstreetmap.org/way/8041310.

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

  • Banco Bradesco S.A.
  • Banco Itaú BBA S.A.
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Danske Bank A/S
  • Deutsche Bank AG
  • DNB Bank ASA (formerly DnB NOR ASA)
  • HSBC Bank PLC
  • ING Group N.V.
  • Mizuho Bank, Ltd.
  • Morgan Stanley
  • Nordea Bank Abp
  • Skandinaviska Enskilda Banken AB (SEB)
  • Standard Chartered Bank PLC
  • Svenska Handelsbanken AB
  • Swedbank AB

State-owned Banks

  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • Scania AB

Loan desecription

ICBC contributes to a €1.25 billion EUR syndicated revolving credit facility to Scania for refinancing purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On June 20, 2016, a syndicate of 18 banks — including the Industrial and Commercial Bank of China (ICBC) — signed a €1.25 billion EUR syndicated multicurrency revolving credit facility (RCF) agreement with Scania AB — a Sweden-incorporated and based commercial vehicle and truck manufacturer headquartered in Södertälje wholly owned by wholly owned by German multinational automotive company Volkswagen AG via Volkswagen Truck & Bus GmbH (82.63% stake) and its majority-owned subsidiary MAN SE (17.37% stake) — for refinancing purposes. This loan carried a maturity period of five years with two one-year extension options, which could extend the maturity date out to June 20, 2023. It was available for drawdown in euros and Swedish krona. The proceeds were to be used by the borrower to refinance a €1 billion EUR credit facility signed in May 2011 and another loan signed in 2011. In addition to ICBC, the following lenders contributed to the loan syndicate: Citibank, Skandinaviska Enskilda Banken AB (SEB), BNP Paribas S.A., Danske Bank A/S, Deutsche bank, DNB ASA, Svenska Handelsbanken AB, HSBC Bank, ING Group N.V., Mizuho Bank, Morgan Stanley, Nordea Bank Abp, Royal Bank of Scotland (RBS), Standard Chartered Bank PLC, Swedbank AB, Banco Bradesco S.A., and Banco Itaú BBA S.A. Citibank and SEB served as mandated lead arrangers, bookrunners, and coordinators. ICBC, BNP Paribas, Danske Bank Deutsche Bank, DNB Bank, Handelsbanken, HSBC, ING, Mizuho, Morgan Stanley, Nordea, RBS,, Standard Chartered, and Swedbank joined in syndication as bookrunners and mandated lead arrangers. Banco Bradesco and Itaú BBA served as lead arrangers. The loan was launched at €1 billion EUR before being increased to €1.25 billion EUR following oversubscription in syndication.

Staff comments

1. The individual contributions of the 18 lenders to this €1.25 billion EUR syndicated revolving credit facility are unknown. AidData has assumed each lender contributed to each tranche. Therefore, to estimate the contribution of ICBC, AidData has assumed each lender contributed equally (€69,444,444.4444 EUR) to the loan syndicate.