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Overview

ICBC contributes to €450 million EUR syndicated revolving credit facility in 2017 to Gunvor Group to support operations and working capital for Gunvor Refinery Ingolstadt

Commitments (Constant USD, 2023)$60,000,946
Commitment Year•2017Country of Activity•GermanyDirect Recipient Country of Incorporation•CyprusOverseas Jurisdiction•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 27, 2017
Last repayment (originally scheduled)
Jul 27, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Deutsche Bank AG
  • DZ Bank AG
  • Erste Group Bank AG (Erste Group)
  • Raiffeisen Bank International AG
  • UniCredit Bank AG

State-owned Banks

  • Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG)
  • KfW IPEX-Bank GmbH

Receiving agencies

Private Sector

  • Gunvor Group Ltd

Loan description

ICBC contributes to EUR 450 million syndicated revolving credit facility to Gunvor Group to support operations and working capital for Gunvor Refinery Ingolstadt

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On July 27, 2017, a syndicate of nine banks — including the London Branch of Industrial and Commercial Bank of China (ICBC) — entered into a €450 million EUR syndicated borrowing base revolving credit facility (RCF) agreement with Gunvor Group Ltd — a Cyprus-incorporated Switzerland-based energy and commodity training company — to support ongoing operations and provide working capital for the Gunvor Refinery Ingolstadt in Germany. The facility carried a maturity of one year. UniCredit served as Bookrunner and Mandated Lead Arranger (BMLA). Deutsche Bank AG, Amsterdam Branch and DZ Bank AG served as Mandated Lead Arrangers (MLA), HSH Nordbank AG, and KFW Ipex-Bank GmbH as Lead Arrangers, while Raiffeisen Bank International AG, the London Branch of ICBC, the London Branch of Erste Group Bank AG, and the London Branch of Commerzbank joined at Arranger level.

Staff comments

1. The individual contribution of the nine lenders to this €450 million EUR facility are unknown. For the time being, to estimate the contributions of ICBC, AidData has assumed each lender contributed an equal amount (€50,000,000 EUR) to the syndicated facility.