Bank of China contributes to a $1.2 billion USD syndicated loan to refinance a 2013 loan to the Investment Corporation of Dubai (Linked to Record ID#89687 and #92445)

Project narrative

In late March 2018, a syndicate of 14 banks — including the Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), and the Agricultural Bank of China — signed a $1.2 billion USD syndicated loan agreement with the Investment Corporation of Dubai (ICD), the Government of Dubai's investment and holding company, to refinance a 2013 loan. Record ID#89687 captures ICBC's contribution to the loan. Record ID#92445 captures Agricultural Bank of China's contribution. Record ID#92444 captures the BOC's contribution. The $1.2 billion USD syndicated loan was a bullet loan and carried a tenor (maturity) of five years. In addition to ICBC, BOC, and the Agricultural Bank of China, the following banks participated in the loan syndicate: Abu Dhabi Islamic Bank PJSC (ADIB), the National Bank of Kuwait S.A.K. (NBK), Saudi National Commercial Bank (NCB), the Commercial Bank of Dubai (CBD), National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK), Union National Bank (UNB), Citi, Emirates NBD Bank P.J.S.C., HSBC, Standard Chartered, and Dubai Islamic Bank (DIB). Citi and Emirates NBD coordinated the $1.2 billion USD facility, while HSBC, ICBC, Standard Chartered, and DIB served as bookrunners. These six banks underwrote the facility and then sold it down to the other eight banks: ADIB, NBK, NCB, RAKBANK, CBD, UNC, BOC, and Agricultural Bank of China. The proceeds of the loan were to be used by the borrower to partially refinance a $2.55 billion USD five-year loan ICD raised in 2013. That loan, which was set to mature in June 2018, included an Islamic tranche and had the following participants: Abu Dhabi Commercial Bank, ADIB, Citigroup, CBD, Emirates NBD, HSBC, and Standard Chartered.