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Overview

ICBC contributes to a $145.75 million USD syndicated loan for the acquisition of an Airbus A380-861 aircraft (Linked to Record ID#92414)

Commitments (Constant USD, 2023)$52,655,900
Commitment Year•2012Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•GuernseySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 27, 2012
Start (actual)
Oct 1, 2012
End (actual)
Oct 1, 2012
Last repayment (originally scheduled)
Jun 24, 2024

Geospatial footprint

Map overview

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This loan supported the acquisition of an Airbus A380-861 aircraft by MSN105 Limited, which is headquartered at Ground Floor Dorey Court Admiral Park St Peter Port GUERNSEY GY1 2HT. More detailed locational can be found at: https://www.openstreetmap.org/way/1083280168

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

  • Commerzbank Aktiengesellschaft (Commerzbank AG)

State-owned Commercial Banks

  • Bank of China (UK) Limited (BOC UK)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • MSN105 Limited

Collateral providers

Joint Venture/Special Purpose Vehicles

  • MSN105 Limited

Loan desecription

ICBC contributes to a $145.75 million USD syndicated loan for the acquisition of an Airbus A380-861 aircraft

Interest rate (t₀)•4.78%Interest type•Fixed Interest RateMaturity•12 years

Collateral

The Airbus A380-861 acquired by MSN105 Limited

Narrative

Full Description

Project narrative

On June 27, 2012, the Industrial and Commercial Bank of China (ICBC), Bank of China (UK) Limited (BOC UK), and Commerzbank Aktiengesellschaft signed a $145,751,153 USD loan agreement with MSN105 Limited — a special purpose vehicle and wholly owned subsidiary of Doric Nimrod Air Two Limited (DNA2) — to facilitate the acquisition of an A-380 aircraft. The loan carried the following borrowing terms: a maturity of 12 years (final maturity date: October 2024) and an effective interest rate of 4.780%. The loan was secured on the Airbus A380-861 aircraft in question. The transaction cost of arranging the loan was deducted from the loan's carrying amount and amortized over its life, and it was to be repaid in quarterly installments. Record ID#89702 captures ICBC's contribution. Record ID#92414 captures BOC UK's contribution. DNA2 acquired seven Airbus A380-861 aircraft between October 2011 and November 2012. MSN105 Limited purchased the Airbus A380-861 aircraft on October 1, 2012 for $234 million USD and then leased to Emirates Airline (‘Emirates’) for an expected initial 10 year term (to October 2022) with an extension period of two years concluding in October 2024, which fixed lease rentals could reduce an initial term of 12 years.

Staff comments

1. DNA2 has four wholly owned subsidiaries: MSN077 Limited, MSN090 Limited, MSN105 Limited, and Doric Nimrod Air Finance Alpha Limited (DNAFA) (see pg.1 of "Quarterly Fact Sheet Doric Nimrod Air Two Limited"). 2. BOC and ICBC’s respective contributions to the syndicated loan are unknown. For the time being, AidData assumes equal contributions across the three members of the syndicate ($48,583,717.66 USD). 3. Emirates Airline (“Emirates”) is the UAE’s national carrier. It is owned by the Investment Corporation of Dubai (ICD), which is based in Dubai, United Arab Emirates (see pg.2 of "Quarterly Fact Sheet Doric Nimrod Air Two Limited"). 4. MSN105 Limited is a special purpose vehicle and wholly owned subsidiary of Doric Nimrod Air Two Limited (DNA2), which is itself a special purpose vehicle (aircraft leasing company) that was legally incorporated in Guernsey on January 31, 2011 (see pg.7 of "Doric Nimrod Air Two Limited Consolidated Annual Financial Report From 1 April 2020 to 31 March 2021"). 5. DNA2 receives income from the Lease rentals paid to it by Emirates, the national carrier owned by ICD (see pg.2 of "Quarterly Fact Sheet Doric Nimrod Air Two Limited").