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Overview

ICBC contributes to $250 million syndicated loan to Metrogas S.A.

Commitments (Constant USD, 2023)$125,787,037
Commitment Year•2018Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ChileOverseas Jurisdiction•United Arab EmiratesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 8, 2018
Last repayment (originally scheduled)
Aug 8, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Itaú Unibanco S.A.

Receiving agencies

Private Sector

  • Metrogas S.A.

Loan description

ICBC contributes to $250 million syndicated loan to Metrogas S.A.

Grant element•4.4653%Interest rate (t₀)•5.77633%Interest type•Variable Interest RateMaturity•2.5 years

Narrative

Full Description

Project narrative

On February 8, 2018, Metrogas S.A. signed an unsecured, $250 million loan agreement with the Dubai Branch of the Industrial and Commercial Bank of China Limited (ICBC) and the New York Branch of Itaú Unibanco. This loan will accrue a quarterly interest at a LIBOR rate plus an annual nominal margin of (a) 3.00% during the first 12 months, (b) 3.50% from month 13 to month 18, (c) 3.75% from month 19 to month 24 and (d) 4.00% from month 25 to the maturity date. Metrogas used the loan proceeds mainly to redeem, on February 27, 2018, all its negotiable obligations (NOs) at a redemption price equal to 100% of the principal amount of the NOs to be redeemed, plus any accrued and unpaid interest thereon, and all the other amounts that were due and payable up to the redemption date.

Staff comments

1. Metrogas S.A. is a privately owned natural gas distribution company in Argentina. 2. The monetary value of ICBC’s contribution to the lending syndicate is unknown. For the time being, AidData assumes equal contributions ($125 million) across the 2 members of the lending syndicate. 3. The all-in interest rate is estimated by adding 3.75% to the average 6-month LIBOR rate in February 2018 (2.089%).