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Overview

ICBC contributes to $130 million syndicated loan with Seaspan Corporation to refinance its vessels (Linked to Record ID#63499)

Commitment Year•2013Country of Activity•Marshall IslandsDirect Recipient Country of Incorporation•Marshall IslandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 28, 2013
Start (actual)
Jan 28, 2013

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Seaspan Corporation

Loan desecription

In 2013, ICBC contributes to USD 130 million syndicated loan with Seaspan Corporation to refinance its vessels, Marshall Islands

Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

On January 28, 2013, the Industrial and Commercial Bank of China contributed up to $130,000,000 USD as leading bank in a syndicated loan facility for Seaspan Corporation — a company that is incorporated under the laws of the Republic of the Marshall Islands. The participating banks, as well as ICBC's specific commitment, are unknown. The facility bears interest at LIBOR plus a margin, and Seaspan Corporation is subject to a commitment fee of 0.4% per annum calculated on the undrawn amount of the loan. The loan will be used for refinancing of existing vessels. In January 2014, the company drew down $340 million of existing faciltiies to fund the reduction in the outstanding amount of another credit facility of $1.0 billion of Seaspan Corporation.

Staff comments

1. This loan is linked to Record ID#63499, an ICBC-backed, $210 million syndicated loan that was signed on the same day and that is referred to in conjunction with this loan as a '$340M facility.’ 2. This loan may be refinancing the syndicated loan committed in 2007 which ICBC and China Eximbank each committed $150 million to (captured in #63525 and #63524).