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Overview

ICBC contributes to a $2.2 billion USD syndicated loan to Castleton Commodities International for unspecified purposes

Commitments (Constant USD, 2023)$122,283,652
Commitment Year•2022Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 13, 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)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.
  • Citibank, N.A.
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Credit Suisse (Schweiz) AG (also known as Credit Suisse (Switzerland) Ltd.)
  • ING Capital LLC
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Natixis
  • Société Générale S.A. (SocGen or Societe Generale)
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • Castleton Commodities International LLC (CCI)

Loan description

ICBC contributes to a $2.2 billion USD syndicated loan to Castleton Commodities International for unspecified purposes in 2022

Interest type•UnknownMaturity•1.75 years

Narrative

Full Description

Project narrative

On June 13, 2022, it was announced that a syndicate of 17 banks — including the New York of the Industrial and Commercial Bank of China (ICBC) — entered into a $2.2 billion USD syndicated multi-currency borrowing base facility (BBF) agreement with Castleton Commodities International LLC (CCI) — a Delaware-incorporated privately-held global energy commodity merchant based in Stamford, Connecticut — for unspecified purposes. This loan was divided into two tranches: a $1 billion USD tranche with a maturity period of 1.5 years and a $1.2 billion USD tranche with a maturity period of two years. It included a $1 billion USD accordion feature. In addition to ICBC NY Branch, the following lenders contributed to the loan syndicate: BNP Paribas S.A., MUFG Bank, Ltd., Société Générale S.A. (SocGen), Citibank N.A., the New York Branch of Coöperatieve Rabobank U.A. (Rabobank), Crédit Agricole Corporate and Investment Bank (CACIB), ING Capital LLC, the New York Branch of Natixis, Wells Fargo Bank N.A., Credit Suisse (Switzerland) Ltd., and an additional six banks. BNP Paribas served as global coordinator and administrative agent. BNP Paribas, MUFG, SocGen, Citibank, Rabobank, CACIB, ING Capital, Natixis, and Wells Fargo served as joint lead arrangers and joint bookrunners. Credit Suisse (Switzerland) and ICBC served as senior managing agents. The other six lenders contributed at other levels. This facility was oversubscribed with $2.8 billion USD in total commitments.

Staff comments

1. It is unknown whether ICBC contributed to each tranche. For the time being, AidData has assumed each lender contributed to each tranche. The individual contributions of the 17 lenders to this $2.2 billion USD syndicated loan are unknown. Therefore, for the time being, to estimate ICBC's contribution, AidData has assumed that each lender contributed equally ($129,411,764.706 USD) to the loan syndicate. 2. As AidData has assumed each lender contributed to each tranche, to code the maturity period of this record, AidData has taken the average of the two maturity periods {[(1.5 + 2) / 2] = 1.75 years}. 3. Cadwalader, Wickersham & Taft LLP served as counsel to the lenders. Stroock & Stroock & Lavan LLP served as counsel to the borrower.