China Construction Bank contributes $7.5 million USD to $50 million USD syndicated loan for Jindal Steel and Power Bank in September 2004
Commitment amount
$ 17082390.914149772
Adjusted commitment amount
$ 17082390.91
Constant 2021 USD
Summary
Funding agency [Type]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Recipient
India
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
In September 2004, China Construction Bank contributed $7.5 million USD to a $50 million USD syndicated loan for Jindal Steel and Power Bank in India. Barclays Capital served as a mandated arranger of the syndicated loan but its contribution is unknown. Sub-underwriters included Bank of Baroda and China Construction Bank; both underwriters contributed $7.5 million USD. Other participants in the loan included State Bank of India, Chiao Tung Bank (Singapore) and Bumiputra-Commerce Bank (London). Their contributions are unknown. The loan carried a maturity period of five years and an interest rate of 3.778% (average 6-month LIBOR in September 2004 + 170 basis points). The use of loan proceeds are unknown but it is reported that financing for the loan was expected to close on October 29, 2004.
Additional details
1. This loan carried a 3.778% interest rate (AidData calculated the interest rate as follows: 2.078% [average 6-month LIBOR in September 2004] + 1.70% [170 basis points] = 3.778%).
Number of official sources
0
Number of total sources
2
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Barclays Corporate and Investment Bank (Formerly Barclays Capital) [Private Sector]
Bank of Baroda [Private Sector]
State Bank of India (SBI) [State-owned Bank]
Chiao Tung Bank Company Ltd. [Miscellaneous Agency Type]
Bumiputra Commerce Bank (BCB) (formerly known as Commerce Asset-Holdings Berhad) [Private Sector]
Direct receiving agencies [Type]
Jindal Steel and Power Limited (JSPL) [Private Sector]
Loan Details
Maturity
5 years
Interest rate
3.778%
Grant element (OECD Grant-Equiv)
12.4457%