Overview

Bank of China participates in $3 billion USD syndicated loan to Tengizchevroil Finance Company International Ltd in July 2016

Commitments (Constant USD, 2023)$272,680,393

Commitment Year•2016Country of Activity•KazakhstanDirect Recipient Country of Incorporation•KazakhstanSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 1, 2016

Last repayment (originally scheduled): Jun 30, 2021

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

Bank of China (BOC)

Cofinancing agencies

Private Sector

Banca IMI S.P.A.
Citibank, N.A.
Deutsche Bank AG
HSBC (Hong Kong and Shanghai Banking Corporation)
ING Belgium N.V./S.A.
JP Morgan
Mizuho Bank, Ltd.
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Société Générale S.A. (SocGen or Societe Generale)
Sumitomo Mitsui Banking Corporation (SMBC)
UniCredit Bank Austria AG (formerly Bank Austria-Creditanstalt (BA-CA))

Receiving agencies

Joint Venture/Special Purpose Vehicles

Tengizchevroil LLP

Loan description

Bank of China contribution to USD 3 billion syndicated loan to Tengizchevroil Finance Company International Ltd in July 2016

Grant element•14.2227%Interest rate (t₀)•2.92365%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In July 2016, a syndicate loan was signed by 12 banks, including the Bank of China, to loan a total of 3 billion USD to Tengizchevroil Finance Company International Ltd. The loan had a maturity period of five years for capital expenditure to develop the Tengiz field. Co-financers of the loan include Banca IMI SpA, Bank of China Limited (senior MLA and book runners); BTMU, Citibank, Deutsch Bank AG; HSBC Bank plc, ING Belgium SA, JP Morgan Chase Bank NA, Mizuho Bank Ltd, Societe Generale, SMBC, UniCredit Bank Austria AG (MLAs and book runners); Mizuho bank Ltd (facility agent). The interest rate is 2% plus LIBOR. TCO would use the proceeds to finance a production expansion project aimed at stabilizing and boosting oil production.

Staff comments

1. Aiddata has estimated the transaction amount to be 250,000,000 USD assuming each lender contributed equally.