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Overview

Agricultural Bank of China (New York Branch) arranges $1 billion USD syndicated term loan facility for Sinopec Canada Energy Ltd. for unspecified purposes

Commitments (Constant USD, 2023)$1,046,198,381
Commitment Year•2015Country of Activity•CanadaDirect Recipient Country of Incorporation•CanadaOverseas Jurisdiction•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 6, 2015
Last repayment (originally scheduled)
Feb 6, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Receiving agencies

State-owned companies

  • Sinopec Canada Energy Ltd.

Guarantors

State-owned companies

  • China Petrochemical Corporation

Loan description

Agricultural Bank of China (New York) arranges USD 1 billion syndicated term loan facility for Sinopec Canada Energy Ltd.

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On February 6, 2015, Agricultural Bank of China (New York Branch) (ABC NY) arranged a $1 billion USD syndicated loan agreement with Sinopec Canada Energy Ltd. alongside with a syndicate of unspecified banks of unidentified lenders. The loan carried a maturity date of five years and a final maturity date on February 6, 2020. The interest rate was LIBOR plus an unspecified margin. The loan was guaranteed by the China Petrochemical Corporation (CPC). The loan required the borrower comply with certain customary covenants, including compliance with applicable laws. The loan was fully drawn down by 2018. On March 5, 2018, ABC issued a waiver for the loan effective until January 2020 for the default events (considering liabilities and CPC as guarantor. On February 6, 2020, Sinopec Canada, using a $200 million USD capital injection from its parent and a $800 million USD interest-free loan from a related party, fully repaid the loan on maturity.

Staff comments

1. Sinopec Canada Energy Ltd., originally known as Sinopec Daylight, was formed as an amalgamation of 1635905 Alberta Ltd. and Daylight Energy Ltd., both formerly registered foreign corporations in Alberta, Canada. 2. The others lenders involved are unknown, except that ABC arranged the loan. AidData has estimated ABC's contribution as the full amount in the absence of other information. This issue merits further investigation.