ICBC contributes to a $250 million USD pre-export credit facility for VSMPO-Avisma Corporation for refinancing and general corporate purposes
Commitment amount
$ 29353088.948146127
Adjusted commitment amount
$ 29353088.95
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On November 8, 2012, a syndicate of 10 banks — including the Industrial and Commercial Bank of China (ICBC) — signed a $250 million USD syndicated pre-export credit facility (PxF) with VSMPO-Avisma Corporation — a Russian titanium manufacturer (the world's largest) and part of Russian state-owned defense company Rostec — for general corporate and refinancing purposes. This loan carried a maturity period of three years. The proceeds of this loan were to be used for general corporate purposes and partially refinancing of a 2011 $120 million USD facility. ICBC contributed to this loan. In addition to ICBC, the following lenders contributed to the loan syndicate: Crédit Agricole Corporate and Investment Bank (CACIB), ING, Natixis, Nordea Bank, Raiffeisen Bank, UniCredit AG, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), BNP Paribas S.A., and Société Générale Corporate & Investment Banking. The facility was oversubscribed in syndication from its $120 million USD target. CACIB served as co-ordinator and bookrunner. Crédit Agricole Corporate (SGCIB) and Investment Bank (CIB) acted as co-ordinator and bookrunner. ICBC, ING, Natixis, Nordea Bank, Raiffeisen Bank, and UniCredit served as mandated lead arrangers. BTMU, BNP Paribas, and SGCIB served as senior lead arrangers.
Additional details
1. The individual contribution of the 10 lenders to this $250 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($25,000,000 USD) to the syndicated loan.
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI)) [Private Sector]
ING Group N.V. [Private Sector]
Natixis [Private Sector]
Nordea Bank Abp [Private Sector]
Raiffeisen Bank [Private Sector]
UniCredit Bank AG [Private Sector]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
BNP Paribas S.A. [Private Sector]
Societe Generale Corporate and Investment Banking (SGCIB) [Private Sector]
Direct receiving agencies [Type]
VSMPO-Avisma Corporation [State-owned Company]
Loan Details
Maturity
3 years