Skip to content
AidData logo

Overview

China Eximbank contributes to €150 million EUR syndicated loan to HBOR to finance its loan program

Commitments (Constant USD, 2023)$20,649,112
Commitment Year•2009Country of Activity•CroatiaDirect Recipient Country of Incorporation•CroatiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 12, 2009

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 Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • Anadolubank Nederland N.V.
  • Atlantic Forfaitierungs AG
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Deutsche Bank AG
  • Erste Bank
  • ING Bank N.V.
  • Raiffeisen Zentralbank Österreich A.G. (RZB)
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Hypo Alpe-Adria-Bank International A.G.
  • Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (VakıfBank)
  • WestLB AG

State-owned Commercial Banks

  • Banque BIA

Receiving agencies

State-owned Banks

  • Hrvatska banka za obnovu i razvitak (HBOR)

Loan description

China Eximbank contributes to €150 million EUR syndicated loan to HBOR to finance its loan program in Croatia 2009

Interest type•UnknownMaturity•1.375 years

Narrative

Full Description

Project narrative

On or around June 12, 2009, a syndicate of 14 lenders — including the Export-Import Bank of China — entered into a €150 million EUR dual-tranche syndicated loan agreement with Hrvatska banka za obnovu i razvitak (HBOR) — Croatia's state Bank for Reconstruction and Development — to finance its loan program. The facility was originally signed in March 2009 at €100 million EUR, but was oversubscribed during syndication by an Addendum to the Credit Agreement to €150 million EUR and signed in June 2009. The loan was split into two tranches: a €25 million EUR tranche with a one year maturity period as well as a €124.5 million EUR tranche which carried maturity period of approximately 21 months from the June signing date, and a final maturity date of March 31, 2011. China Eximbank acted as arranger on the facility. In addition to China Eximbank, the following lenders also contributed to and played these roles in the syndicate: Bayerische Landesbank (BayernLB) (mandated lead arranger and bookrunner); Hypo Alpe-Adria Bank (mandated lead arranger and bookrunner); Erste Bank (mandated lead arranger and bookrunner); Raiffeisen Zentralbank Österreich A.G. (RZB) (mandated lead arranger and bookrunner); UniCredit (mandated lead arranger and bookrunner); WestLB (mandated lead arranger and bookrunner); ING Bank (senior lead arranger); Deutsche Bank (lead arranger); Commerzbank Aktiengesellschaft (Commerzbank) (arranger); Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (VakıfBank) (arranger); Anadolubank (arranger); Atlantic Forfaitierungs (arranger); and Banque BIA (arranger). The proceeds of the loan would be used to fund HBOR's loan program.

Staff comments

1. It is unclear which lenders contributed to which tranche. To estimate China Eximbank's contribution to the facility, AidData has assumed that each lender contributed to each tranche, and calculated China Eximbank's contribution as an equal portion of the full value of the loan (€150,000,000 / 14 = €10714285.71 EUR). 2. Given that AidData has assumed the each lender has contributed equally to each tranche, AidData has calculated the maturity period of the record as the average of the maturities of both tranches ([12 months + 21 months] / 2 = 16.5 months or 1.375 years).