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Overview

ICBC contributes to ₩182 billion KRW syndicated loan to Hyundai Heavy Industries for unspecified purposes

Commitments (Constant USD, 2023)$32,489,947
Commitment Year•2019Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaOverseas Jurisdiction•KoreaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2019
Last repayment (originally scheduled)
Jul 31, 2021

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.
  • Standard Chartered Bank PLC

Receiving agencies

Private Sector

  • HD Hyundai Heavy Industries Co., Ltd. (HHI) (formerly Hyundai Heavy Industries Co., Ltd.)

Loan description

ICBC contributes to KRW ₩182 billion syndicated loan to Hyundai Heavy Industries for unspecified purposes in South Korea in 2019

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

In August 2019, a syndicate of at least five banks — including the Seoul Branch of the Industrial and Commercial Bank of China (ICBC), Standard Chartered Bank, BNP Paribas, and at least two other banks — entered into a ₩182 billion KRW ($150 million USD) syndicated loan agreement with Hyundai Heavy Industries Co., Ltd. — a South Korean shipbuilding (the world's largest) and equipment manufacturing company — for unspecified purposes. This loan carried a maturity period of two years. The Seoul Branch of ICBC was a lead bank in the syndicate.

Staff comments

1. The individual contribution of the at least five lenders to this ₩182 billion KRW syndicated loan are unknown. For the time being, to estimate the contributions of ICBC, AidData has assumed each lender contributed an equal amount (₩36,400,000,000 KRW) to the syndicated facility. 2. The Hyundai Heavy Industries annual report mentions an syndicated loan(s) involving ICBC in foreign currency as being long-term debt. This may refer, in part, to the loan of ID#108435 or the loan of ID#108436. This issue merits further investigation.