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Overview

ICBC contributes $200 million USD to AllianceBernstein L.P. and Sanford C. Bernstein & Co., LLC for general corporate and working capital purposes in 2016 (Linked to Record ID#106736 and #106737)

Commitments (Constant USD, 2023)$218,144,315
Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2016
End (actual)
Nov 28, 2017
Last repayment (originally scheduled)
Nov 29, 2017

Geospatial footprint

Map overview

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The purpose of this project was for ICBC to contribute $200 million USD to AllianceBernstein L.P. and Sanford C. Bernstein & Co., LLC for general corporate and working capital purposes in 2016. More detailed locational information can be found at: https://www.openstreetmap.org/way/828131425

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

Private Sector

  • AllianceBernstein L.P.
  • Sanford C. Bernstein & Co., LLC

Loan desecription

ICBC contributes $200 million USD to AllianceBernstein L.P. and Sanford C. Bernstein & Co., LLC for general corporate and working capital purposes in 2016

Interest rate (t₀)•2.291%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On December 1, 2016, financial close was reached on a deal in which Industrial and Commercial Bank of China (ICBC) entered into a $200 million USD revolving credit loan agreement with AllianceBernstein L.P. and Sanford C. Bernstein & Co., LLC, both Delaware-based financial services firms specializing in asset management and research (Record ID#106734) The maturity of the loan was one year, with a maturity date of November 29, 2017, and the interest rate was based on LIBOR plus an applicable margin of 1%. The proceeds of this loan were intended for general business purposes, including working capital requirements and funding obligations related to securities trading activities. On November 29, 2017, financial close was reached on a deal in which Industrial and Commercial Bank of China (ICBC) renewed the $200 million USD revolving credit loan agreement with AllianceBernstein L.P. and Sanford C. Bernstein & Co., LLC, both Delaware-based financial services firms specializing in asset management and research (Record ID#106736) The maturity of the loan was one year, with a maturity date of November 28, 2018, and the interest rate was based on LIBOR plus an applicable margin. The proceeds of this loan were intended for general business purposes, including working capital requirements and funding obligations related to securities trading activities. On November 16, 2018, financial close was reached on a deal in which Industrial and Commercial Bank of China (ICBC) renewed the $200 million USD revolving credit loan agreement with AllianceBernstein L.P. and Sanford C. Bernstein & Co., LLC, both Delaware-based financial services firms specializing in asset management and research (Record ID#106737) The maturity of the loan was one year, with a maturity date of November 16, 2021, and the interest rate was based on LIBOR plus an applicable margin. The proceeds of this loan were intended for general business purposes, including working capital requirements and funding obligations related to securities trading activities.

Staff comments

1. AllianceBernstein L.P. is a global asset management firm headquartered in New York City, managing investments for institutions, individuals, and private clients worldwide. Sanford C. Bernstein & Co., LLC operates as its sell-side research and brokerage unit, providing equity research and trading services. 2. AidData estimates the interest rate by adding the 6-month average LIBOR rate in December 2016 and an applicable margin (1%).