ICBC (Asia) participates in $500 million syndicated loan for Jamnagar Refinery Project (Linked to Project ID#96702, 96703, 96704)
Commitment amount
$ 33872591.25122925
Adjusted commitment amount
$ 33872591.25
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) [State-owned Commercial Bank]
Recipient
India
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
On October 13, 2006, Industrial and Commercial Bank of China (Asia) and 29 other banks participated in a $500 million syndicated loan agreement with Jio-BP (Reliance Petroleum) for the Jamnagar Refinery Project. The loan carried a maturity of 10 years and an interest rate of LIBOR plus 85 basis points. The interest rate was to scheduled rise to 165 basis points over LIBOR once the refinery came online. Only mandated lead arrangers (MLAs) were able to contribute to the loan. MLAs include 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 Project ID#96704. ICBC (Asia)'s contribution is captured via Project ID#96705. The Jamnagar Refinery is the private sector crude oil refinery owned by Reliance Industries in Jamnagar, Gujarat, India.
Additional details
1. AidData assumes equal contributions ($16.67 million) across all syndicate participants. 2. Average LIBOR in October 2006 was 5.292%. 5.292% plus 85 basis points is equivalent to an all-in interest rate of 6.142%. 3. Sources differ as to whether ICBC and CCB were both involved as Mandated Lead Arrangers. The source with the most complete information about this second tranche suggests that they were, so that information was used. 4. The $500 million syndicated loan was separate from and additional to a $1.5 billion syndicated loan made to Reliance Petroleum for the Jamnagar Refinery Project (as captured via Project ID#96702 and 96703). Contributions to the $500 million syndicated loan were made pro rata to the original, $1.5 billion loan commitment.
Number of official sources
0
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
ABN AMRO Bank [Private Sector]
Bank of America Corporation [Private Sector]
BNP Paribas S.A. [Private Sector]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Citigroup [Private Sector]
Development Bank of Singapore (DBS) [Private Sector]
DZ Bank AG [Private Sector]
HSBC [Private Sector]
ICICI Bank Limited [Private Sector]
Mizuho Bank [Private Sector]
Sumitomo Mitsui Banking Corporation Group (SMBC Group) [Private Sector]
Standard Chartered Bank PLC [Private Sector]
State Bank of India (SBI) [State-owned Bank]
Bank of Baroda [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
Fortis Bank [Private Sector]
HypoVereinsbank (HVB) [Private Sector]
Intesa Sanpaolo S.P.A. [Private Sector]
Kredietbank ABB Insurance CERA Bank (KBC) [Private Sector]
Germany Development Bank (KFW) [State-owned Bank]
Mashreq Bank [Private Sector]
Royal Bank of Scotland (RBS) [State-owned Bank]
WestLB AG [State-owned Bank]
Natexis Banques Populaires [Private Sector]
Norddeutsche Landesbank Girozentrale (NORD/LB) [State-owned Bank]
Union National Bank (UNB) [State-owned Bank]
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI)) [Private Sector]
Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG) [State-owned Bank]
Direct receiving agencies [Type]
Jio-BP (Reliance Petroleum) [Private Sector]
Loan Details
Maturity
10 years
Interest rate
6.142%
Grant element (OECD Grant-Equiv)
13.086%