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Overview

ICBC contributes to a $1.6 billion USD syndicated loan to Dubai Aerospace Enterprise for future financing needs and refinancing purposes

Commitments (Constant USD, 2023)$61,538,462
Commitment Year•2023Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 18, 2023
Last repayment (originally scheduled)
Sep 17, 2027

Geospatial footprint

Map overview

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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

  • Arab Bank
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Doha Bank Q.P.S.C.
  • Gulf Bank of Kuwait KSCP (Gulf Bank)
  • HSBC Bank Middle East Limited
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Kuwait Finance House (KFH)
  • National Bank of Kuwait S.A.K. (NBK)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Sharjah Islamic Bank (formerly National Bank of Sharjah)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Arab Banking Corporation (Bank ABC)
  • Bank of Baroda
  • State Bank of India (SBI)

Receiving agencies

State-owned companies

  • Dubai Aerospace Enterprise (DAE) Ltd.

Loan description

ICBC contributes to a $1.6 billion USD syndicated loan to Dubai Aerospace Enterprise for future financing needs and refinancing purposes

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

On September 18, 2023, it was announced that a syndicate of 26 lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $1.6 billion USD syndicated facility agreement with Dubai Aerospace Enterprise (DAE) Ltd. — a Dubai-headquartered aerospace corporation and aircraft leasing company indirectly wholly-owned by Investment Corporation of Dubai (ICD), the Government of Dubai's principal investment arm — for its future financing needs and refinancing purposes. This facility was divided into four tranches: a conventional term loan, an Islamic term loan, and a conventional revolving credit facility (RCF) and an Islamic RCF, all with a maturity period of four years. The proceeds were to be used by the borrower for the future financing needs of the business and refinance a maturing credit facility that was originated in 2019. In addition to ICBC, the following lenders are known to have contributed to the loan syndicate: HSBC Bank Middle East Limited, JPMorgan Chase Bank, Abu Dhabi Commercial Bank PJSC (ADCB), Doha Bank Q.P.S.C., Kuwait Finance House (KFH), Arab Bank, Arab Banking Corporation (ABC), Bank of Baroda, CaixaBank, S.A., Gulf Bank of Kuwait KSCP (Gulf Bank), National Bank of Kuwait S.A.K. (NBK), Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Sharjah Islamic Bank, and the State Bank of India (SBI). HSBC and J.P. Morgan served as Joint Bookrunners and Joint Mandated Lead Arrangers. ADCB, Doha Bank, and KFH served as mandated lead arrangers. The loan was oversubscribed in syndication and up-sized to over double the initial size. It was the largest bank loan financing raised by DAE to date.

Staff comments

1. The individual contributions of the 26 lenders to this $1.6 billion USD syndicated facility are unknown, including by tranche. AidData has assumed that each contributed to each tranche. Therefore, to estimate ICBC's contribution, AidData has assumed that each lender contributed equally ($61,538,461.5385 USD) to the loan syndicate.