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Overview

ICBC participates in EUR 200 million syndicated loan with Trakya Cam Sanayii to finance the investment expenditures and working capital requirements of several subsidiaries

Commitments (Constant USD, 2023)$33,214,674
Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 17, 2019
Last repayment (originally scheduled)
Oct 16, 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

  • ICBC Turkey Bank A.Ş.

Cofinancing agencies

Intergovernmental Organizations

  • Bank of Bahrain and Kuwait B.S.C (BBK)

Private Sector

  • Bank of America Europe Designated Activity Company (BofA Europe) (formerly Bank of America Merrill Lynch International Designated Activity Company)
  • BNP Paribas S.A.
  • HSBC Bank A.S.
  • ING Bank N.V.
  • J.P. Morgan Securities PLC

Receiving agencies

Private Sector

  • Trakya Cam Sanayii A.S.

Loan description

ICBC contribution to EUR 200 million syndicated loan for financing the investment expenditures and working capital requirements of several subsidiaries

Grant element•9.4228%Interest rate (t₀)•2.64638%Interest type•Fixed Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On October 17, 2019, Trakya Cam Sanayii — a Turkish glass manufacturing company — signed an EUR 200 million syndicated loan agreement to finance the investment expenditures and working capital requirements of several foreign subsidiaries (including Trakya Cam, Richard Fritz GmbH, ŞİŞECAM Flat Glass South Italy SRL, and Glasscorp SA). The loan carried a 3 year maturity an interest rate of EURIBOR plus a 2.65% margin. Participants in the syndicated loan included BNP Paribas, ICBC Turkey Bank A.Ş., ING Bank N.V. - Milan Branch, J.P. Morgan Securities PLC, HSBC Bank A.Ş., Bank Of Bahrain And Kuwait B.S.C., and Bank of America Merrill Lynch International Designated Activity Company.

Staff comments

“1. Trakya Cam Sanayii AS is a building materials company in Turkey engaged in glass manufacturing. The company creates glass products that include solar glass, automobile glass, home appliance glass, and architectural glass. 2. The precise monetary value of ICBC’s contribution to the syndicated loan is unknown. For the time being, AidData assumes equal contributions (EUR 28.571,428) across the seven known members of the syndicate. 3. AidData has estimated the all-in interest rate by adding 2.65% to average 6-month EURIBOR in October 2019 (-0.362%%).