Overview

ICBC contributes to USD 116 million syndicated loan facility to Singapore Aircraft Leasing Enterprise for the acquisition of a Boeing 747-400 Freighter

Commitments (Constant USD, 2023)$44,632,648

Commitment Year•2002Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 17, 2002

Last repayment (originally scheduled): Jul 14, 2014

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% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

DVB Bank
Hamburgische Landesbank Girozentrale
HypoVereinsbank (HVB)
Landesbank Schleswig Holstein International S.A.

State-owned Banks

Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale (BLB)

Receiving agencies

State-owned companies

Singapore Aircraft Leasing Enterprise Pte. Ltd. (SALE)

Loan description

ICBC contribution to USD 116 million syndicated loan facility to Singapore Aircraft Leasing Enterprise for the acquisition of a Boeing 747-400 Freighter

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

On July 17, 2002, the Industrial and Commercial Bank of China (ICBC), along with five other banks, agreed to terms on a USD 116 million loan facility with Singapore Aircraft Leasing Enterprise (SALE) to fund the acquisition of a Boeing 747-400F freighter aircraft. The facility has a 12-year maturity, though other details are unclear. SALE acquired the aircraft from Asiana Airlines in May 2002 and announced an agreement to lease the aircraft back to Asiana for 12 years. Other participants in the syndicate included DVB Group Merchant Bank, Ltd., Landesbank Schleswig Holstein International S.A., and Hamburgische Landesbank Girozcentrale as arrangers. Hypovereinsbank, Bremier Landesbank, and ICBC participated as members of the syndicate.

Staff comments

1. As AidData is unable to ascertain the specific contributions of each member of the syndicate to the loan facility, it has assumed equal contributions from each bank (USD 19,333,333). 2. SALE was later bought by Bank of China in 2008, becoming BOC Aviation.