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Overview

ICBC contributes to a $250 million USD pre-export credit facility for VSMPO-Avisma Corporation for refinancing and general corporate purposes

Commitments (Constant USD, 2023)$27,095,446
Commitment Year•2012Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 8, 2012
Last repayment
Nov 8, 2015

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • ING Group N.V.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Natixis
  • Nordea Bank Abp
  • Raiffeisen Bank
  • Société Générale Corporate and Investment Banking (SGCIB)
  • UniCredit Bank AG

Receiving agencies

State-owned companies

  • VSMPO-Avisma Corporation

Loan desecription

ICBC contribution to $250 million USD pre-export credit facility for VSMPO-Avisma Corporation for refinancing and general corporate purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

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.

Staff comments

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.