Overview

ICBC contributes to a $86.2 million USD syndicated term loan to KC Leasing for refinancing purposes

Commitments (Constant USD, 2023)$4,533,552

Commitment Year•2004Country of Activity•KoreaDirect Recipient Country of Incorporation•PanamaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 26, 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

BNP Paribas S.A.
Société Générale S.A. (SocGen or Societe Generale)
Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

KC Leasing Corporation

Loan description

ICBC contributes to a USD $86.2 million syndicated term loan to KC Leasing in South Korea for refinancing purposes in 2004

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On or around November 26, 2004, a syndicate of four lenders — the Industrial & Commercial Bank of China (ICBC), BNP Paribas, Société Générale S.A. (SocGen) (Asia), and Sumitomo Mitsui Banking Corporation (SMBC) — entered into a $86.2 million USD term loan agreement with KC Leasing — a Panama-incorporated, South Korea-headquartered, wholly-owned subsidiary of SK Shipping Co., Ltd. — for refinancing purposes. The facility carried a maturity period of three years. ICBC, BNP Paribas, SocGen (Asia), and SMBC provided the $86.2 million USD term loan on a club basis. The proceeds of the loan were to be used to refinance the firm's existing debt, specifically the 10-year put option portion of an outstanding $290 million USD loan.

Staff comments

1. The exact contribution of each lender is unknown. To estimate ICBC's portion, AidData has assumed that each lender contributed equally to the loan ($86,200,00 / 4 = $2,155,000).