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Overview

ICBC Leasing enters into sale and leaseback agreement worth $160 million USD with Libra Group for acquisition of 2 bulk carrier ships (Linked to Record ID#92099)

Commitments (Constant USD, 2023)$164,088,509
Commitment Year•2014Country of Activity•BermudaDirect Recipient Country of Incorporation•BermudaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 19, 2014

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 companies

  • ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

  • Libra Holdings Ltd (Libra Group)

Loan description

ICBC Leasing enters into sale and leaseback agreement worth $160 million USD with Libra Group for acquisition of 2 bulk carrier ships

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 19, 2014, ICBC Financial Leasing Co., Ltd. (ICBC Leasing) signed a sale and leaseback agreement and cooperation framework with the Libra Group worth $160 million USD for the purchase of two dry cargo bulk carrier ships (captured via Record ID#92098). The sale and leaseback agreement was to finance the acquisition of the two ships from an unspecified Chinese shipyard. The financial details, including the lease term, interest, and delivery schedule are unknown. This agreement was signed at the same time as a $300 million USD sale and lease back agreement for four container ships (captured via Record ID#92099). The total value of the two agreements ($460 million USD) was confirmed in ICBC Leasing's Offering Circular filed with the Hong Kong Stock Exchange in 2015, though additional details are unclear in the company's filing.

Staff comments

1. Sale and leaseback (or sale-leaseback) agreements are generally considered to be off-balance-sheet hybrid debt products. 2. Libra Holdings Ltd, better known as the Libra Group, is a privately held international conglomerate owned by the Logothetis family. It is incorporated in Bermuda.