Industrial and Commercial Bank of China contributes to a $540 million syndicated term loan facility to First Rand Bank for general corporate and trade financing purposes (Linked to Project ID#96690, #96691, and #96692)
Commitment amount
$ 88894657.66271253
Adjusted commitment amount
$ 88894657.66
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) London [State-owned Commercial Bank]
Recipient
South Africa
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On October 31, 2017, Export-Import Bank of China's Shanghai branch contributed $77.14 million to a $540 million dual-tenor syndicated term loan facility made to First Rand Bank. The facility was split into two US dollar tranches: a two-year tranche, priced at 125 basis points (bps) a year, and a three-year tranche, priced at 150bps. The facility was launched at $250 million and heavily oversubscribed. The purpose of the loan was to finance general corporate functions and "support First Rand's funding and liquidity management objectives", including trade financing. Standard Charter acted as sole coordinator, initial mandated lead arranger and bookrunner, documentation bank and facility agent. China Construction Bank's (CCB) Johannesburg branch (captured in project ID#96690), Bank of China's (BOC) Johannesburg branch (captured in project ID#96691), Export-Import Bank of China's Shanghai branch, and Industrial and Commercial Bank of China's (ICBC) London branch (captured in project ID#96693) all acted as mandated lead arrangers. Taiwan Cooperative Bank acted as lead arranger. Bank of Taiwan's London branch acted as arranger.
Additional details
1. For the time being, AidData assumes equal contribution of all lenders. The value of the financing organization's loan ($77,142,857) was derived by dividing the total amount of funds loaned ($540,000,000) by the number of lenders in the syndicate (7). 2. As the specific dollar amounts of each loan tranche are not currently loan, AidData has, for the time being, recorded the maturity date as the average of the maturity dates in years of each tranche (2 + 3) / 2, or 2.5. 3. For the time being, AidData has recorded the interest rate of the overall loan (1.375%) as the average of the interest rates of both loan tranches (1.25%, 1.5%).
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Taiwan Cooperative Bank [State-owned Bank]
Standard Chartered Bank PLC [Private Sector]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Bank of China (BOC) [State-owned Commercial Bank]
Bank of Taiwan [State-owned Bank]
Direct receiving agencies [Type]
FirstRand Bank (FirstRand Limited) [Private Sector]
Loan Details
Maturity
3 years
Interest rate
1.375%
Grant element (OECD Grant-Equiv)
9.3966%