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Overview

ICBC (Seoul Branch) contributes $6 million USD to the $40 million USD term loan tranche of a $70 million USD syndicated loan to LG Chem Ltd. for unspecified purposes

Commitments (Constant USD, 2023)$12,025,983
Commitment Year•2005Country 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
Feb 25, 2005

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

  • Banca di Roma S.p.A.
  • IM Bank (formerly Daegu Bank)
  • KB Kookmin Bank
  • Mizuho Corporate Asia (H.K.) Limited
  • National Agricultural Cooperative Federation (NH) (NACF)
  • The Yamaguchi Bank, Ltd.

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Industrial Bank of Korea (IBK)
  • WestLB AG

State-owned Commercial Banks

  • CCB International Finance Limited

Receiving agencies

Private Sector

  • LG Chem Ltd

Loan description

ICBC and CCB contributions to a USD $70 million syndicated loan to LG Chem Ltd. for unspecified purposes in South Korea in 2005

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On or around February 25, 2005, a syndicate of 11 lenders — including CCB International Finance and the Seoul Branch of the Industrial & Commercial Bank of China (ICBC) — entered into a $70 million USD syndicated loan agreement with LG Chem Ltd. — a South Korean petrochemical company and arm of the LG Corporation — for unspecified purposes. The facility was divided into two tranches: a $40 million USD term loan tranche and a $30 million USD floating rate note tranche. Both carried a maturity period of three years. The facility was oversubscribed to $140 million USD during syndication, however, the final amount of the loan was not increased. Record ID#109481 captures CCB International Finance's $4 million USD contribution to the $40 million USD term loan tranche. Record ID#109483 captures ICBC's $6 million USD contribution to the tranche. ICBC also acted as manager on the term loan. In addition to CCB and ICBC, the following lenders also played these roles and contributed the following amounts to the term loan tranche: Kookmin Bank (mandated arranger, $10 million USD); Mizuho Corporate Asia (H.K.) Limited (arranger, $9 million USD); National Agricultural Cooperation Federation (arranger, $7 million USD); and Yamaguchi Bank (Pusan) (co-lead manager, $4 million USD). The following lenders also played the following roles and contributed these amounts to the $30 million USD floating rate note tranche: CCBV ($4 million USD); Bayerische Landesbank (BayernLB) (Hong Kong) (arranger, $6 million USD); WestLB (Singapore) (arranger, $6 million USD); National Agricultural Cooperation Federation (arranger, $2 million USD); Banca di Roma (Tokyo) (lead manager, $4 million USD); Daegu Bank (now IM Bank) (lead manager, $4 million USD); and Industrial Bank of Korea (lead manager, $4 million USD).

Staff comments

1. AidData does not consider floating rate notes to be flows.