ICBC (Malaysia) Berhad contributes $26 million USD to $182 million USD syndicated loan for the acquisition of FPSO Ratu Nusantra

In April 2014, ICBC (Malaysia) Berhad contributed $26 million USD to a $182 million USD syndicated loan for PT M3 Ketapang Sejahtera, a joint venture between M3nergy (an exploration and production company headquartered in Malaysia and owned by Sabah Development Bank) and PT Transamudra (an owner and operator of vessels in the offshore oil and gas sector headquartered in Indonesia). Loan proceeds were to be used to finance the floating production, storage and offloading facility named “FPSO Ratu Nusantara.” This facility is scheduled for operation by Petronas Carigali in the ‘Bukit Tua’ oil and gas field in the Ketapang block, offshore Madura Island, East Java, Indonesia. The syndicate consisted of seven lenders including CIMB Bank Berhad Labuan Offshore Branch, Export- Import Bank of Malaysia Berhad, Industrial and Commercial Bank of China (Malaysia) Berhad, National Bank of Abu Dhabi Malaysia Berhad, Natixis Singapore Branch, Oversea-Chinese Banking Corporation Ltd and Sumitomo Mitsui Banking Corporation (SMBC). SMBC served as the coordinating bank, facility agent, and security agent. The borrowing terms of the loan are unknown but the loan was secured (i.e. collateralized).

Additional details

1. Specific contributions of each financier are unknown. To calculate ICBC’s contribution to this loan facility, AidData a) assumes that each official sector financing institution from China contributed an equal amount to the syndicated loan and (b) estimates the contributions of each financier by dividing the total face value of the loan ($182 million USD) by the total number of financiers in the syndicate (7 financiers). This brings the contribution of each individual financier to $26 million USD.

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