ICBC participates in $1 billion syndicated loan to Petrobras Netherlands B.V. for generate corporate purposes and debt refinancing purposes (Linked to Project ID#59389)

On November 13, 2017, Petrobras Netherlands B.V. signed a $1 billion syndicated loan with six banks — Standard Chartered, China Construction Bank (CCB), ABN Amro, Industrial and Commercial Bank of China (ICBC), Banco Latinoamericano de Exportações and Commerzbank — to repay existing debts and for general corporate purposes. The loan carried the following borrowing terms: a 5-year maturity and an interest rate of LIBOR plus 250 basis points. It was secured by (i.e. collateralized against) Petrobras’ P-56 semi-submersible platform. The loan fully disbursed on November 16, 2017. CCB’s contribution is captured via Project ID#59389. ICBC’s contribution is captured via Project ID#59388.

Additional details

1. The monetary value of ICBC’s contribution to the lending syndicate is unknown. For the time being, AidData assumes equal contributions ($166.67 million) across the 6 members of the lending syndicate. 2. The China-Latin America Commercial Loans Tracker, which is produced by the Inter-American Dialogue, does not capture this loan. 3. AidData has estimated the all-in interest rate by adding 2.5% (250 basis points) to the average 6-month LIBOR rate in November 2017 (1.626%). 4. Standard Chartered was sole global coordinator, bookrunner, and facility and security agent on the deal.

Number of official sources

3

Number of total sources

8