Overview

ICBC participates in $980 million syndicated loan for Reliance Industries for debt refinancing purposes

Commitments (Constant USD, 2023)$62,880,099

Commitment Year•2016Country of Activity•IndiaDirect Recipient Country of Incorporation•IndiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 15, 2016

Start (actual): Mar 15, 2016

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

Australia and New Zealand Banking Group (ANZ)
Bank of America Corporation
Bank of Nova Scotia Asia Limited (BNS Asia Limited)
Barclays Bank PLC
Citibank, N.A.
Credit Agricole CIB Australia Limited
DBS Bank Ltd.
Mizuho Bank, Ltd.
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Société Générale Corporate and Investment Banking (SGCIB)
Standard Chartered Bank PLC
Sumitomo Mitsui Banking Corporation (SMBC)
United Overseas Bank Limited (UOB)
Westpac Banking Corporation

State-owned companies

Export Development Canada (EDC)

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

Reliance Industries Ltd.

Loan desecription

ICBC contribution to USD 980 million syndicated loan facility agreement with Reliance Industries for debt refinancing purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In March 2016, Industrial and Commercial Bank of China (ICBC) participated in a $980 million syndicated loan facility agreement with Reliance Industries. The borrowing terms of the loan are unknown. The proceeds of the loan were to be used by the borrower to refinance an existing facility (loan) that it contracted in August 2010. The participating banks in the March 2016 syndicated loan included ANZ, Bank of America, Bank of Nova Scotia Asia, Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Citibank, Credit Agricole CIB, DBS, Societe Generale Corporate & Investment Banking, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, UOB, Export-Import Bank of the Republic of China, and Westpac. Export Development Canada, Industrial & Commercial Bank of China, and Mizuho Bank joined as mandated lead arrangers.

Staff comments

1. AidData assumes equal contributions by each member of the syndicate. $980 million divided by 17 participants is $57.65 million from each member of the syndicate.