ICBC contributes to $350 million syndicated loan to Pacific Hydro Chile for the refinancing of existing debt (Linked to Project ID#97156)

On January 27, 2021, it was announced that Pacific Hydro Chile, a subsidiary of the Australian Pacific Hydro, itself a subsidiary of the Chinese state-owned State Power Investment Corporation (SPIC), obtained a $350 million syndicated loan from a syndicate of lenders. The funds were used to refinance existing debt, especially regarding corporate assets in Chile and Australia, and to create a "global corporate financing platform". The lending syndicate consisted of China Construction Bank (CCB) (captured via Project ID#97156), Industrial and Commercial Bank of China (ICBC) (captured via Project ID#97342), the Commonwealth Bank of Australia, DNB ASA, and National Bank of Australia. National Bank of Australia also acted as trustee and security agent.

Additional details

1. The specific amount that each lender contributed to the syndicated loan is currently unknown. AidData is currently assuming the equal contribution of all lenders, and estimating the funding agency's contribution ($70 million) by dividing the total loan amount ($350 million) by the total number of lenders (5). 2. WRI's China Overseas Finance Inventory (COFI) Database (https://www.wri.org/research/china-overseas-finance-inventory-database) identifies a third Chinese bank (ABC) that may have participated in the lending syndicate. This issue warrants further investigation.

Number of official sources

1

Number of total sources

4