Narrative
Full Description
Project narrative
In June 2016, a syndicate of 19 banks — including the Industrial and Commercial Bank of China (ICBC) — signed a $1.7 billion USD syndicated loan to Emirates NBD Bank P.J.S.C., a bank that is majority-owned by the Government of Dubai, to refinance a 2013 loan. The loan carried a maturity of three years, a maturity date in June 2019, and an interest rate of LIBOR plus 145 basis points. Bank of America Merrill Lynch served as a Documentation Agent and Joint Coordinator and Emirates NBD Capital served as Joint Coordinator on the loan. Some of the proceeds of the $1.7 billion USD syndicated loan were to be used by the borrower to refinance an existing $800 million USD loan signed in December 2013 that matured in December 2016 and carried an interest rate of LIBOR plus 140 basis points. In July 2018, Emirates NBD Bank was in active discussion with several international banks to roll over the $1.7 billion USD syndicated loan, seeking better rates. In September 2018, it signed a $2 billion USD three-year loan with a syndicate of 18 banks to refinance the $1.7 billion USD loan facility and for general corporate purposes.
Staff comments
1. The individual contributions of the 19 lenders to the syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($89,473,684.2 USD) to the loan syndicate.