ICBC contributes to $525 million syndicated loan to Bank Muscat

On March 8, 2017, Bank Muscat signed a $525,000,000 syndicated loan agreement with ICBC, Emirates NBD, Bank ABC, Bank of Tokyo-Mitsubishi, Citigroup, Commerzbank, HSBC, Mizuho, National Bank of Abu Dhabi, Sumitomo Mitsui Banking Corp, and Wells Fargo. The size of ICBC’s contribution to the syndicated loan is unknown. The loan has a 3 year maturity and an interest rate of LIBOR plus 170 basis points. Part of the loan proceeds were earmarked to repay a $600,000,000 three-year debt facility raised in 2014 involving all the aforementioned banks, excluding Emirates NBD and ICBC. The borrower was also allowed to use the loan proceeds for general corporate purposes and project financing.

Additional details

1. The interest rate that applies to the loan (3.126%) was calculated by taking the average 6-month LIBOR rate during the month (March 2017) when the loan agreement was finalized (1.426%) and adding a 1.7% margin. 2. Bank Muscat is minority-owned by the government of Oman. 3. The exact size of ICBC’s contribution is unknown. For the time being, AidData assumes that all 11 known members of the lending syndicate contributed equally ($47,727,272) to the $525 million loan.

Number of official sources

3

Number of total sources

8