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Overview

ICBC contributes to $1.6 billion USD syndicated loan to Gunvor USA, LLC for refinancing, working capital, and general corporate purposes

Commitments (Constant USD, 2023)$88,888,889
Commitment Year•2023Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 8, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Citibank, N.A.
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • ING Capital LLC
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Natixis
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

  • Gunvor USA LLC

Loan description

ICBC contributes to $1.6 billion USD syndicated loan to Gunvor USA, LLC for refinancing, working capital, and general corporate purposes in 2023

Interest type•UnknownMaturity•1.5 years

Narrative

Full Description

Project narrative

On November 8, 2023, a syndicate of 18 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC) — signed a $1.60 billion USD syndicated borrowing base credit facility agreement with Gunvor USA LLC — a United States-incorporated wholly-owned indirect subsidiary of Switzerland-based energy and commodity training company Gunvor Group Ltd. — for refinancing, working capital, and general corporate purposes. he facility was comprised of two tranches: a $1.28 billion USD tranche with a maturity period of one year and a $320 million USD tranche with a maturity period of two years. There was also a $500 million USD accordion feature. The proceeds were to be used by the borrower to refinance the existing $1.45 billion USD facility (which ICBC contributed to, as captured by Record ID#102166) and to provide for working capital financing for the borrower's merchant activities, and fund general corporate purposes. Record ID#110674 captures ICBC's contribution. In addition to ICBC, the following lenders contributed to the loan syndicate: Coöperatieve Rabobank U.A. (Rabobank), Société Générale S.A. (SocGen), ING Capital LLC, the New York Branch of Natixis, Crédit Agricole Corporate and Investment Bank (CACIB), MUFG Bank Ltd., Sumitomo Mitsui Banking Corporation (SMBC), and Citibank N.A. Rabobank served as administrative agent, joint lead arranger, active bookrunner, coordinator, and left lead. SocGen was mandated as active bookrunner and joint lead arranger. ING Capital LLC, was mandated as passive bookrunner and joint lead arranger. The New York Branch of Natixis, CACIB, and MUFG Bank served as joint lead arrangers and co-syndication agent duties. The New York Branch of ICBC, SMBC, and Citibank served as co-documentation agents.

Staff comments

1. AidData has assumed each lender contributed to each tranche. The individual contribution of the 18 lenders to this $1.60 billion USD facility are unknown. For the time being, to estimate the contributions of ICBC, AidData has assumed each lender contributed an equal amount ($88,888,888.8889 USD) to the syndicated facility. 2. Similarly, AidData is unable to ascertain whether all lenders contributed to both tranches, therefore this single, unified project record has been created using the average of the maturities across the two tranches {[(2 + 1) / 2] = 1.5 years}.