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Overview

CITC Ka Wah Bank contributes $20 million USD to a $240 million USD syndicated loan to the Export-Import Bank of Korea for refinancing purposes

Commitments (Constant USD, 2023)$27,746,355
Commitment Year•2009Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaOverseas Jurisdiction•Hong Kong (China)Sector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 7, 2009

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

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

Cofinancing agencies

Private Sector

  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Standard Chartered Bank PLC

State-owned Banks

  • Export-Import Bank of the Republic of China, Taipei

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned Banks

  • Export-Import Bank of Korea (KEXIM)

Loan description

May 2009 $240 million USD syndicated loan to the Export-Import Bank of Korea for refinancing purposes in South Korea

Interest type•UnknownMaturity•2.5 years

Narrative

Full Description

Project narrative

Between May 1 and 7, 2009, a syndicate of five banks — including the Industrial and Commercial Bank of China (ICBC) and CITIC Ka Wah Bank — entered into a $240 million USD syndicated loan facility with the Export-Import Bank of Korea (KEXIM) — a South Korean state-owned bank and the country's official export credit agency — for refinancing purposes. This loan was divided into a $50 million USD tranche with a maturity period of two years and a $190 million USD tranche with a maturity period of three years. The proceeds were to be used by the borrower for refinancing purposes. ICBC contributed $50 million USD, as captured by Record ID#108612. CITIC Ka Wah Bank contributed $20 million USD, as captured by Record ID#108613. In addition to ICBC and CITIC, the following lenders contributed the respective amounts to the loan syndicate: the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($130 million USD), Standard Chartered Bank plc ($30 million USD), and the Export-Import Bank of the Republic of China ($10 million USD). BTMU and Standard Chartered Bank served the original bookrunners. ICBC, BTMU, and Standard Chartered Bank served as mandated lead arrangers. CITIC Ka Wah Bank served as lead arranger. The Export-Import Bank of the Republic of China served as arranger.

Staff comments

1. While individual contributions of the five lenders to this $240 million USD syndicated loan are known, the breakdown between tranches is unknown. For the time being, AidData has estimated each lender contributed to each tranche and taken the average of the maturity periods {[(3 + 2) / 2] = 2.5 years} as the maturity of this record.