Overview

ICBC contributes $50 million USD to a $500 million USD syndicated loan to Hana Financial for refinancing purposes

Commitments (Constant USD, 2023)$83,078,227

Commitment Year•2007Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 23, 2007

Last repayment (originally scheduled): Jul 22, 2010

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

Bank of East Asia Limited (BEA)
Citibank, N.A.
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
Dah Sing Bank
Natixis

State-owned Banks

Woori Bank Co., Ltd.

State-owned Commercial Banks

China CITIC Bank International Limited (formerly CITIC Ka Wah Bank)

Receiving agencies

Private Sector

Hana Financial Group Inc.

Loan description

July 2007 $500 million USD syndicated loan to Hana Financial for refinancing purposes in South Korea

Interest rate (t₀)•6.32%Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On July 23, 2007, a syndicate of eight banks — including the Industrial and Commercial Bank of China (ICBC) and CITIC Ka Wah Bank — entered into a $500 million USD syndicated loan agreement with Hana Financial Group Inc. — a South Korean financial holding company headquartered in Seoul and listed on the Korea Exchange — for refinancing purposes. The loan carried a maturity period of three years with a bullet repayment profile and an interest rate of LIBOR plus a margin of 95 basis points (bps). The proceeds were to be used to refinance existing debt. ICBC contributed $50 million USD, as captured by Record ID#108462. CITIC Ka Wah Bank contributed $45 million USD, as captured by Record ID#108463. In addition to the two Chinese state-owned banks, the following lenders contributed the respective amounts to the syndicate: Woori Bank ($150 million USD), Natixis ($75 million USD), Bank of East Asia Limited (BEA) ($50 million USD), Dah Sing Bank ($50 million USD), Calyon ($40 million USD), and Citi ($40 million USD). All eight lenders served as mandated lead arrangers.