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Overview

ICBC contributes $100 million USD to a $402.72 million USD syndicated loan to Samsung Heavy Industries for drillship acquisition purposes

Commitments (Constant USD, 2023)$140,844,608
Commitment Year•2008Country 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
Aug 1, 2008

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

  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Korea Exchange Bank (KEB)

Receiving agencies

Private Sector

  • Samsung Heavy Industries Co., Ltd. (SHI)

Loan description

ICBC contributes to a USD $402.72 million syndicated loan to Samsung Heavy Industries for drillship acquisition purposes in South Korea in 2008

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

In August 2008, a syndicate of three lenders — the Industrial and Commercial Bank of China (ICBC), Calyon, and the Korea Exchange Bank (KEB) — entered into a $402.72 million USD loan agreement with Samsung Heavy Industries Co., Ltd. (SHI) — a South Korean shipbuilder and subsidiary of the Samsung Group — for drillship acquisition purposes. The loan carried a maturity period of four years. ICBC acted as a lead arranger and contributed $100 million USD to the $402.72 million USD loan. Additionally, Calyon (now called Crédit Agricole Corporate and Investment Bank (CACIB) or Crédit Agricole CIB) acted as sole bookrunner and contributed $202.72 million USD and KEB also provide $100 million USD and acted as a lead arranger to the facility. The proceeds were to be used to fund the purchase of a drillship.