Narrative
Full Description
Project narrative
On October 13, 2006, Jio-BP (Reliance Petroleum) signed a $1.5 billion syndicated loan with China Construction Bank 49 other banks for the Jamnagar Refinery Project. The loan had a maturity of 7.5 years and an interest rate of LIBOR plus 80 basis points. The interest rate was scheduled to rise to 140 basis points over LIBOR once the refinery came online. Mandated lead arrangers (MLAs) included ABN Amro, Bank of America, BNP Paribas, BTMU, Calyon, Citigroup, DBS, DZ Bank, HSBC, ICICI, Mizuho, SMBC, Standard Chartered, State Bank of India, Bank of Baroda, BayernLB, Fortis, HSH Nordbank, HVB, ICBC (Asia), Intesa, KBC, KfW, Mashreq, RBS, WestLB, Natexis, NordLB, Union National Bank and China Construction Bank. China Construction Bank's contribution is captured via Record ID#96702. ICBC (Asia)'s contribution is captured via Record ID#96703. Other syndicate participants included Arab Bank, Arab Banking Corp, San Paolo IMI, IKB, DnB Nor Bank, Nedbank, Mega International Commercial, National Bank of Kuwait, Cathay United Bank, Syndicate Bank, Taiwan Business Bank, Bank of Bahrain & Kuwait, Bank Sinopac, Banca Monte dei Paschi di Siena, Dah Sing Bank, Bank of Kaohsiung, Shin Kong Commercial Bank, State Bank of India (Mauritius), Sunny Bank, SPI International, and ChinaTrust. The Jamnagar Refinery is the private sector crude oil refinery owned by Reliance Industries in Jamnagar, Gujarat, India. At the same time as this loan, a second USD 500 million tranche was agreed to by all the Mandated Lead Arrangers including ICBC and CCB. See Record ID#96705 and 96704 respectively.
Staff comments
1. AidData assumes equal contributions ($30 million) across all syndicate participants. 2. The average LIBOR rate for October 2006 was 5.292%. 5.292% plus 80 basis points is an interest rate of 6.092%.