Overview

ICBC contributes to a syndicated loan to Hyundai Heavy Industries for unspecified purposes

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: Mar 1, 2019

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

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

Loan description

ICBC contributes to a syndicated loan to Hyundai Heavy Industries for unspecified purposes in South Korea in 2019

Interest type•Unknown

Narrative

Full Description

Project narrative

In March 2019, a syndicate of banks — including the Seoul Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a syndicated loan agreement with Hyundai Heavy Industries Co., Ltd. — a South Korean shipbuilding (the world's largest) and equipment manufacturing company — for unspecified purposes. The Seoul Branch of ICBC was a lead bank in the syndicate.

Staff comments

1. 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.