Overview

ICBC contributes to a $150 million USD syndicated loan agreement to Hyundai Steel Co for unspecified purposes

Commitments (Constant USD, 2023)$51,698,565

Commitment Year•2013Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 27, 2013

Last repayment (originally scheduled): May 26, 2017

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

MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

Hyundai Steel Co., Ltd. (HSC) (formerly HYU and Crab Iron & Steel Co., Ltd.)

Loan description

ICBC contributes to a USD $150 million syndicated loan agreement to Hyundai Steel Co for unspecified purposes in South Korea in 2013

Interest rate (t₀)•1.6174%Interest type•Variable Interest RateMaturity•4 years

Narrative

Full Description

Project narrative

On May 27, 2013, a syndicate of three lenders — Industrial and Commercial Bank of China (ICBC), MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)), and Sumitomo Mitsui Banking Corporation (SMBC) — entered into a $150 million USD loan agreement with Hyundai Steel Co., Ltd — the steel making arm of the Hyundai Motor Group — for unspecified purposes. BTMU served as mandated lead arranger. The facility carried a four-year maturity period and an interest rate of LIBOR plus a margin of 120 basis points (bps).

Staff comments

1. The individual contributions of the 3 lenders to this $150 million USD syndicated facility is unknown. For the time being, AidData has estimated ICBC's contribution by assuming that each lender contributed equally ($50,000,000 USD) to the loan syndicate.