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Overview

ICBC provides a $300 million USD revolving credit facility to the Alaska Housing Finance Corporation to provide additional liquidity for its State Capital Project Bonds and State Capital Project Bonds II indentures and Commercial Paper Notes program

Commitments (Constant USD, 2023)$319,237,914
Commitment Year•2017Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 31, 2017
Last repayment (originally scheduled)
Dec 6, 2022

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)

Receiving agencies

State-owned companies

  • Alaska Housing Finance Corporation (AHFC)

Loan description

ICBC provides a $300 million USD revolving credit facility to the Alaska Housing Finance Corporation to provide additional liquidity for its State Capital Project Bonds and State Capital Project Bonds II indentures and Commercial Paper Notes program

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In or around December 2017, the New York Branch of the Industrial and Commercial Bank of China (ICBC) entered into a $300,000,000 USD revolving credit facility (RCF) agreement with the Alaska Housing Finance Corporation (AHFC) — an Alaskan public corporation for the provision of affordable housing headquartered in Anchorage and a component unit of the State of Alaska — to provide additional liquidity for its State Capital Project Bonds and State Capital Project Bonds II indentures and Commercial Paper Notes program. This loan carried a maturity period of five years and a final maturity date of December 6, 2022. As of December 31, 2018, the RCF was unused. As of March 31, 2019, the RCF was unused.

Staff comments

1. There is some evidence ("Alaska Housing Finance Corporation December 2017 Mortgage & Bond Disclosure Report") that this RCF may have originally had a face value of $200 million USD but was shortly thereafter increased. This issue merits further investigation.