ICBC contributes to a $11 billion USD syndicated loan to Saudi Arabia's Public Investment Fund for general corporate purposes (Linked to Record ID#72239, #101263, #101264, and #101265)

Project narrative

On September 17, 2018, financial close was reached on a deal in which a syndicate of 15 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $11 billion USD international syndicated loan facility agreement with Saudi United Investment Company — a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), a sovereign wealth fund controlled by the Saudi Government — for general corporate purposes. This loan carried a maturity period of five years and an interest rate based on LIBOR plus a margin of 75 basis points (bps). The proceeds of this loan were to be used for general corporate purposes. The Government of Saudi Arabia had charged PIF with facilitating its Vision 2030 reform plan to diversify the country's economy away from oil exports. This was PIF's first ever borrowing. Record ID#72239 captures BOC's contribution. Record ID#97610 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: BNP Paribas S.A., Citigroup, HSBC Bank, JPMorgan Chase & Co., Mizuho Bank, Sumitomo Mitsui Banking Corporation (SMBC), Crédit Agricole Group, MUFG Bank, Ltd., Société Générale S.A. (SocGen), Goldman Sachs, Standard Chartered Bank, Bank of America Merrill Lynch (BAML), and Morgan Stanley. BNP Paribas, Citigroup, HSBC, JP Morgan, Mizuho, and SMBC served as coordinators. Crédit Agricole, MUFG, and SocGen served as bookrunners. BOC, Goldman Sachs, and Standard Chartered Bank served as mandated lead arrangers. Then, in November 2022, a syndicate of 25 banks — including the Agricultural Bank of China (ABC), the Bank of China (BOC), and the Industrial and Commercial Bank of China (ICBC) — entered into a $17 billion USD syndicated senior term loan agreement with the Public Investment Fund of Saudi Arabia (PIF) — the sovereign wealth fund of Saudi Arabia, owned and controlled by the Saudi Government and chaired by its Crown Prince and de facto ruler Mohammed bin Salman — for refinancing and for general corporate purposes. This loan carried a maturity period of seven years and was unsecured. The proceeds were to be used by PIF to repay early (refinance) the $11 billion USD five-year loan from 2018 and for general corporate purposes of PIF. Record ID#101263 captures ABC's contribution. Record ID#101264 captures BOC's contribution. Record ID#101265 captures ICBC's contribution.