ICBC contributes to $500 million syndicated loan to Credit Bank of Moscow in 2014 for unspecified purposes

In March 2014, Credit Bank of Moscow — the third largest privately-owned commercial bank in Russia — signed a $500 million syndicated loan (trade finance) agreement with 17 banks (including the Industrial and Commercial Bank of China). The loan was provided in two tranches: a $250 million tranche with a 1-year maturity and a $250 million tranche with a 1.5 year maturity. These loan tranches carried interest rates of 6-month LIBOR plus a 1.75% margin and 6-month LIBOR plus a 1.95% margin, respectively. Commerzbank and ING acted as joint coordinators as well as bookrunners and mandated lead arrangers alongside HSBC, Raiffeisen Bank, Rosbank, Sberbank and VTB. They were joined by Citigroup, the Industrial and Commercial Bank of China (ICBC) and ZAO UniCredit as lead arrangers and BayernLB, Credit Europe Bank, Intesa Sanpaolo, KBC, Morgan Stanley, Oberbank and UBI Banca International as arrangers.

Additional details

1. The size of ICBC’s contribution to the loan syndicate is unknown. For the time being, AidData assume equal contributions ($29.41 million) to the loan syndicate across the 17 participating banks. 2. It is unknown if ICBC contributed to the first tranche, the second tranche, or both tranches. For the time being, AidData relies on the second tranche’s borrowing terms. AidData estimates the all-in interest rate by adding 1.95% to the average 6-month LIBOR rate in March 2014 (0.331%).

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