Overview

ICBC contributes $8.4 million USD to $62.875 million USD tranche of $84 million USD sale and leaseback facility with Caspian Leasing for an unknown asset

Commitments (Constant USD, 2023)$18,900,293

Commitment Year•2003Country of Activity•SingaporeDirect Recipient Country of Incorporation•British Virgin IslandsOverseas Jurisdiction•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 1, 2003

Last repayment (originally scheduled): Apr 29, 2009

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

Bank of East Asia Limited (BEA)
Bumiputra Commerce Bank (BCB) (formerly known as Commerce Asset-Holdings Berhad)
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Standard Chartered Bank PLC

Receiving agencies

Joint Venture/Special Purpose Vehicles

Caspian Leasing Limited

Loan description

ICBC contributes to USD 62.875 million 2003 syndicated sale and leaseback facility for an unknown asset with Caspian Leasing

Interest type•UnknownMaturity•6 years

Narrative

Full Description

Project narrative

In May 2003, a syndicate of five banks — including the Industrial and Commercial Bank of China (ICBC) Singapore branch — $84 million USD sale and leaseback facility with Caspian Leasing Limited — a special purpose vehicle of Singapore Airlines — for an unknown asset. This facility carried a maturity period of six years. The facility was divided into two tranches: a $21 million USD portion provided solely by Standard Chartered and a $62.875 million USD syndicated tranche, to which co-arranger ICBC (Singapore branch) contributed $8.4 million USD, lead arranger Standard Chartered contributed $3.85 million USD, arranger Bank of Tokyo-Mitsubishi contributed $25.3 million USD, arranger Bank of East Asia contributed $16.9 million USD and co-arranger Bumiputra Commerce Bank contributed $8.4 million USD.

Staff comments

1. Sale and leaseback (or sale-leaseback) agreements are generally considered to be off-balance-sheet hybrid debt products.