ICBC establishes 1.5 billion rubble credit line with Rosseti for general corporate purposes
Commitment amount
$ 26412755.66610604
Adjusted commitment amount
$ 26412755.67
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On June 16, 2016, ICBC and OAO Rosseti (ПАО «Россети») — a Russian state-owned power company — signed an agreement for the creation of a 1.5 billion rubble credit line. The agreement provides for a line of credit up to 1.5 billion rubles for general corporate purposes. The loan will allow Rosseti to diversify its debt portfolio. The maturity of the credit agreement is 3 years and the grace period is 1 year. Negotiation on the deal lasted a year and a half in Hong Kong with major Chinese banks, including Bank of China, ICBC Ltd, Agricultural Bank of China. The loan’s interest rate is floating and linked to MosPrime (11.3% for 6-month June 2016). The loan is not intended for projects or equipment deliveries
Additional details
It is unclear how much of the credit line has been utilized. There are no mentions of this loan in Rosseti’s annual reports.
Number of official sources
2
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Rosseti [State-owned Company]
Implementing agencies [Type]
Rosseti [State-owned Company]
Loan Details
Maturity
3 years
Interest rate
11.3%
Grace period
1 years