Narrative
Full Description
Project narrative
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. Standard Chartered was sole global coordinator, bookrunner, and facility and security agent on the deal. CCB’s contribution is captured via Record ID#59389. ICBC’s contribution is captured via Record ID#59388.
Staff comments
1. The monetary value of CCB’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%).