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Overview

Bank of China contributes to a $480 million USD syndicated revolving credit facility to MOL Group for refinancing purposes

Commitments (Constant USD, 2023)$70,900,889
Commitment Year•2013Country of Activity•HungaryDirect Recipient Country of Incorporation•HungarySector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 27, 2013
Last repayment (originally scheduled)
Mar 26, 2016

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))
  • Citigroup Inc.
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Erste Group Bank AG (Erste Group)
  • KBC Bank N.V.
  • UniCredit Bank Hungary Zrt.

Receiving agencies

Private Sector

  • MOL Hungarian Oil and Gas Public Limited Company (MOL Plc.) (MOL Group)

Loan description

Bank of China contributes to a $480 million USD syndicated revolving credit facility to MOL Group for refinancing purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On March 27, 2013, a syndicate of seven banks — including the Bank of China (BOC) — entered into a $480 million USD syndicated multi-currency revolving credit facility (RCF) agreement with MOL Plc. — an integrated, publicly-traded oil and gas company headquartered in Budapest, Hungary — for refinancing purposes. This RCF carried a maturity period of three years with two one-year extension options. The proceeds were to be used to partly refinance MOL's €825 million EUR RCF maturing in July 2013. In addition to BOC, the following lenders contributed to the loan syndicate: Citigroup, Inc., Crédit Agricole Corporate and Investment Bank (CACIB), Erste Group Bank AG, KBC Bank N.V., UniCredit Bank Hungary Zrt., and Bank of America Merrill Lynch (BAML). Citigroup Inc., Erste Group Bank, and KBC Bank served as coordinators and arrangers. On June 27, 2013, the borrower up-sized the RCF by $65 million USD to $545 million USD; it is unclear whether BOC or existing lenders contributed to the up-sizing or whether it was brought on by a new lender(s).

Staff comments

1. The individual contributions of the seven lenders to this $480 million USD syndicated RCF are unknown. For the time being, AidData has estimated the contribution of BOC by assuming each contributed an equal amount ($68,571,428.5714 USD) to the loan syndicate.