Narrative
Full Description
Project narrative
In or around April 2021, VSMPO-AVISMA Corporation -- a Russian titanium producer -- signed a USD $400 million syndicated loan with a group of banks that included the Russian subsidiary of Industrial and Commercial Bank of China (ICBC) -- ICBC Moscow -- as a lead arranger. The loan carried a 5 year maturity period and an interest rate of LIBOR plus a margin of 165 basis points (1.65%). Other lenders in the syndicate included Credit Agricole, Banca Intesa, Intesa Sanpaolo, and UniCredit (as mandated lead arrangers and bookrunners); Societe Generale (as mandated lead arranger); Bank Zenit (as lead arranger along with ICBC); and ING Bank (as facility agent). UniCredit also served as documentation agent. The loan proceeds were to be used for refinancing existing (unspecified) debt and general corporate purposes.
Staff comments
1. The exact contribution of ICBC Moscow to the USD $400 million syndicated loan is unknown. For the time being, AidData assumes that all 8 participants contributed equally ($50 million) to the syndicate. This issue warrants further investigation. 2. Sources indicate that "Bank ICBC" contributed to the syndicate. Given that ICBC Moscow is often referred to as Bank ICBC (JSC), and that the syndicated loan was provided to a Russian company, it is assumed that ICBC Moscow was the funder.