Overview

ICBC contributes to THB 32 billion syndicated loan for Acquisition of 65.99% in Esso Thailand Project

Commitments (Constant USD, 2023)$131,363,611

Commitment Year•2023Country of Activity•ThailandDirect Recipient Country of Incorporation•ThailandSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 31, 2023

Start (actual): Aug 31, 2023

End (actual): Aug 31, 2023

Last repayment (originally scheduled): Jul 30, 2027

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This project was a syndicated loan agreement to acquire Esso Thailand, headquartered at 3195 Rama IV Rd, Khwaeng Khlong Tan, Khet Khlong Toei, Krung Thep Maha Nakhon 10110, Bangkok, Thailand. More detailed locational information can be found at: https://www.openstreetmap.org/way/763410849

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

Bangkok Bank Public Company Limited (BBL)
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation (SMBC)
TMBThanachart Bank (TTB) (TMB Bank) (Thai Military Bank)
United Overseas Bank Limited (UOB)

State-owned Banks

Government Savings Bank

Receiving agencies

Private Sector

Bangchak Corporation Public Company Limited (BCP) (formerly Bangchak Petroleum)

Loan description

ICBC contributes to THB 32 billion syndicated loan for Acquisition of 65.99% in Esso Thailand Project in 2023

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

On January 11, 2023, Bangchak Corporation Public Company Limited (BCP) entered into a share purchase agreement to acquire 65.99% of the shares in petroleum company Esso (Thailand) Public Company Limited (ESSO) from ExxonMobil Asia Holdings Pte. Ltd. Then, on July 31, 2023, BCP signed a THB 32,000,000,000 syndicated loan (facility) agreement with ICBC, Bangkok Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, TMBThanachart Bank, United Overseas Bank, and Government Savings Bank. ICBC reportedly contributed THB 4,571,430,000 to the syndicate. The loan carries a 48-month, or 4-year tenor with principal and interest payment every 3 months, denominated in Thai baht. The facility bears interest based on THOR plus an unspecified margin. The loan was expected to enable Esso Thailand to refinance its shareholder loan from ExxonMobil as part of the transaction of Bangchak's acquisition. The acquisition was completed on August 31, 2023.

Staff comments

1. Bangchak Corporation Public Company Limited (BCP), previously known as Bangchak Petroleum, is a petroleum and energy conglomerate in Thailand. It was founded as a state-owned company in 1984, and is now listed on the Stock Exchange of Thailand, doing business in oil refining and retail, as well as sustainable energy through various subsidiaries. 2. DLA Piper advised Esso Thailand on the shareholder loan refinancing.