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Overview

ICBC (Seoul Branch) provides $5 million USD to a $50 million USD syndicated loan to Hyundai Mobis for unspecified purposes

Commitments (Constant USD, 2023)$10,518,681
Commitment Year•2004Country 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
Apr 9, 2004

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

  • Busan Bank (formerly Pusan Bank)
  • Chohung Bank Co., Ltd. (CHB)
  • IM Bank (formerly Daegu Bank)
  • KB Kookmin Bank
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • National Federation of Fisheries Co-operative
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • The Yamaguchi Bank, Ltd.

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Hyundai Mobis Company Limited

Loan description

ICBC and BOC contributions to a USD $50 million syndicated loan to Hyundai Mobis for unspecified purposes in South Korea in 2004

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On or around April 9, 2004, financial close was reached on a deal in which a syndicate of 11 lenders — including the Seoul Branch of the Industrial & Commercial Bank of China (ICBC) and the Seoul Branch of the Bank of China (BOC) — entered into a $50 million USD syndicated loan agreement with Hyundai Mobis Company Limited — an auto parts manufacturing and service arm of the Hyundai Motor Group — for unspecified purposes. The loan carried a maturity period of three years. The facility was oversubscribed to $58 million USD during syndication, though the final loan was not increased. Record ID#109482 captures ICBC's $5 million USD contribution to the $50 million USD syndicated loan. ICBC also acted as lead manager on the deal. Record ID#109566 captures BOC's $6.5 million USD contribution to the facility. BOC also acted as arranger on the loan. In addition to ICBC and BOC, the following lenders played these roles on the deal and contributed the following amounts: Kookmin Bank (co-ordinating arranger, $7 million USD); Standard Chartered Bank (co-ordinating arranger, $7 million USD); Sumitomo Mitsui Banking Corporation (SMBC) (Seoul Branch) (arranger, $6.5 million USD); Chohung Bank (CHB) (lead manager, $5.5 million USD); Mizuho Corporate Bank (Seoul) (lead manager, $3.5 million USD); Pusan Bank (now Busan Bank) (lead manager, $5.5 million USD); National Federation of Fisheries Cooperatives (senior manager, $2 million USD); Yamaguchi Bank (Pusan) (senior manager, $2 million USD); and Daegu Bank (now IM Bank) (senior manager, $1.5 million).