Narrative
Full Description
Project narrative
On May 4, 2016, financial close was reached on a deal in which a syndicate of 35 banks — including the Amsterdam branch of ICBC (Europe) S.A. and the London branch of ICBC — entered into a $800 million USD syndicated loan agreement with Puma International Financing S.A. — a Luxembourg-based indirect wholly owned subsidiary of Puma Energy Holdings Pte. Ltd., a Singapore-headquartered global energy company specializing in downstream petroleum products. The only known tranche of the 2016 facility is “2016 Facility B,” a $270 million USD revolving credit facility, which was later increased by $85 million USD upon the exercise of an accordion option in May 2017. The maturity of the facility is unknown, and the interest rate was LIBOR plus 230 basis points. The proceeds were used by the borrower to refinance existing debt and for general corporate and working capital purposes. Puma International Financing S.A. acted as the issuer, with the facility guaranteed by its parent, Puma Energy Holdings Pte. Ltd. While ICBC (Europe) S.A. contributed to this loan (Record ID#98947) and ICBC (London Branch) (Record ID#109782) contributed to the loan, the following lenders also participated: Australia and New Zealand Banking Group Limited, Cooperatieve Rabobank U.A. (trading as Rabobank London), Emirates NBD Capital Limited, ING Bank N.V., Natixis, Nedbank Limited (London Branch), Société Générale Corporate & Investment Banking, The Standard Bank of South Africa Limited (through its Corporate and Investment Banking Division), and UniCredit Bank AG, among others. In total, 35 banks took part in the syndicate, with the named banks acting as mandated lead arrangers and bookrunners.
Staff comments
1. AidData is unable to ascertain which part of the facility ICBC contributed to, therefore one project record has been created for the entire facility. 2. Puma International Financing S.A. is a Luxembourg-based debt issuing vehicle (a financing subsidiary) fully owned by Puma Energy Holdings Pte. Ltd. It acts as a special-purpose issuer, commonly used to raise funds—typically through bond issuance—that are guaranteed by its parent company. 3. AidData is unable to ascertain individual contributions made to the facility by each member of the syndicate, therefore equal contributions from each lender have been assumed. The two ICBC branches have each been counted as distinct lenders in this calculation. 4. AidData has calculated the interest rate using the 6-month LIBOR rate from May 2016 and the applicable margin.