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Overview

Agricultural Bank of China contributes to $120 million syndicated loan for Ameris Capital's acquisition of Mejillones LNG facility (Linked to Record ID#89361)

Commitments (Constant USD, 2023)$41,519,500
Commitment Year•2019Country of Activity•ChileDirect Recipient Country of Incorporation•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 7, 2019
Start (actual)
Aug 7, 2019
End (actual)
Aug 7, 2019
Last repayment
Aug 6, 2023

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

State-owned Banks

  • Industrial Bank of Korea (IBK)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • InfraPartners Management LLP (IPM)

Loan desecription

In 2019, ICBC and Agricultural Bank of China contribute to USD 120 million syndicated loan for Ameris Capital's acquisition of Mejillones LNG facility, Chile

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

On August 7, 2019, the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), and the Industrial Bank of Korea (IBK) extended a 4-year, $120 million syndicated loan to InfraPartners Management LLP (IMP) to partially finance Ameris Capital AGF's acquisition of a 37% equity stake in the Mejillones LNG (liquified natural gas) facility in Chile. Record ID#91600 captures the estimated contribution from the Agricultural Bank of China, while Record ID#89361 captures the estimated contribution from ICBC. Ameris Capital AGF purchased a 37% stake in the Mejillones LNG for $193.5 million from the state-owned mining company Codelco on August 7, 2019. The 5.5 million cubic meter gas facility is controlled and operated by French energy giant Engie, which holds a 63% equity stake.

Staff comments

1. The size of each bank’s contribution to the lending syndicate is unknown. For the time being, AidData estimates equal contributions ($40,000,000) across the three members of the syndicate. 2. Official statements from Ameris indicate that the equity stake was acquired by its Ameris Intraestructura Fodo de Inversion fund and was partly financed by a syndicated loan from ICBC and the Agricultural Bank of China.