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Overview

ICBC contributes $7 million USD to a $90 million USD syndicated loan to SK Global Asia-Pacific for working capital and debt repayment purposes

Commitments (Constant USD, 2023)$16,160,097
Commitment Year•2002Country of Activity•KoreaDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 22, 2002
Last repayment (originally scheduled)
Apr 22, 2003

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

  • Absa Bank Limited
  • Arab Bank
  • Chohung Bank Co., Ltd. (CHB)
  • Citibank Korea Inc. (formerly KorAm Bank Co., Ltd.)
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • Hana Bank Co., Ltd. (formerly KEB Hana Bank)
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • Moscow Narodny Bank Limited (MNB)
  • Union de Banques Arabes et Francaises (UBAF)

State-owned Banks

  • Export-Import Bank of Korea (KEXIM)
  • KEXIM Bank UK Limited
  • Korea Development Bank (KDB)

State-owned Commercial Banks

  • Bank of China (Hong Kong) Limited (BOCHK)

Receiving agencies

Private Sector

  • SK Global Asia-Pacific Pte Ltd.

Loan description

April 2002 $90 million USD syndicated loan to SK Global Asia-Pacific for working capital and debt repayment purposes in South Korea

Interest rate (t₀)•3.26%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On April 22, 2002, a syndicate of 14 banks — Bank of China (Hong Kong) Limited (BOCHK) and Industrial and Commercial Bank of China (ICBC) — signed a $90 million USD syndicated term loan agreement with SK Global Asia-Pacific Pte Ltd. — a Singapore-incorporated subsidiary of SK Corp., a South Korean multinational manufacturing and services conglomerate listed on the Korea Exchange, which was later succeeded by SK Inc. — for working capital and debt repayment purposes. The term loan carried a maturity period of one year and an interest rate of LIBOR plus a margin of 110 basis points (bps). The proceeds were to be used by the borrower for working capital and debt repayment purposes. BOCHK and ICBC both contributed $7 million USD as arranger. Record ID#108652 captures BOCHK's contribution. Record ID#108653 captures ICBC's contribution. In addition to BOCHK and ICBC, the following lenders contributed the respective amounts to the loan syndicate: Arab Bank ($10 million USD; co-ordinating arranger), Export-Import Bank of Korea ($10 million USD; co-ordinating arranger), Hana Bank ($10 million USD; co-ordinating arranger), Korea Development Bank (KDB) ($10 million USD; co-ordinating arranger), KorAm Bank ($7 million USD; arranger),($7 million USD; arranger), Union de Banques Arabes et Françaises (UBAF) ($7 million USD; arranger), KEXIM Bank ($6 million USD; manager), ABSA Bank ($3.5 million USD; manager), Chohung Bank ($3.5 million USD; manager), Hua Nan Commercial Bank (HNCB) ($3.5 million USD; manager), Moscow Narodny Bank ($3.5 million USD; manager), and Chinatrust Commercial Bank ($2 million USD; manager). The loan was oversubscribed from its $80 million USD target. There were fees of 45 bps for lenders with tickets of $10 million USD; 42.5 bps for tickets of $5 million USD to $9 million USD; and 40 bps for tickets of $4 million USD less.