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Overview

ICBC contributes to USD 5.3 billion syndicated dual-tranche revolving credit facility to Trafigura Beheer B.V. for debt refinancing and general corporate purposes in 2015 (linked to Record ID#98461)

Commitments (Constant USD, 2023)$108,722,577
Commitment Year•2015Country of Activity•NetherlandsDirect Recipient Country of Incorporation•NetherlandsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 30, 2015
Last repayment (originally scheduled)
Mar 29, 2017

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Coöperatieve Rabobank U.A. (Rabobank)
  • ING Bank N.V.
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Royal Bank of Scotland
  • Société Générale Corporate and Investment Banking (SGCIB)
  • Standard Chartered Bank PLC
  • UniCredit Bank AG

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Trafigura Beheer BV

Loan description

ICBC and Bank of China contribute to USD 5.3 billion syndicated dual-tranche revolving credit facility to Trafigura Beheer B.V. for debt refinancing and general corporate purposes

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On March 30, 2015, a group of 51 banks -- including Bank of China and ICBC -- signed a USD 5.3 billion dual-tranche, multi-currency syndicated revolving credit facilities agreement with Trafigura Beheer B.V. The facility serves as a refinancing of the company's maturing 2014 USD 5.735 billion flagship European facility (captured via Record ID#98440, 98441, 98442), with proceeds to be used for general corporate purposes. The new facility consists of two tranches: a USD 1.87 billion 364-day revolving credit facility with two 364-day extension options and a USD 3.43 billion 3-year revolving credit facility with two 1-year extension options. The USD 3.43 billion tranche carries an interest rate of LIBOR plus 95 basis points. Other lending information, including the non-USD currencies used in the facility and interest rates, is unknown. Bank of China's contribution is captured via Record ID#98461. ICBC's contribution is captured via Record ID#98462. A total of 51 banks participated in the syndicate. Rabobank, ING Bank, Lloyds Bank, SocGen Corporate & Investment Banking, Standard Chartered, Royal Bank of Scotland, and UniCredit Bank served as mandated lead arrangers and bookrunners. Other members of the syndicate are unknown.

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facility by each member of the syndicate, therefore equal contributions from each lender have been assumed. 2. AidData is unable to ascertain whether the Chinese banks contributed to both tranches (or only one), therefore the average of the two maturities has been used in the creation of this project record. Similarly, given that AidData is unsure of the tranches contributed to by the two banks, it has omitted inputting the interest rate on this project record. 3. While Trafigura states the facility is denominated in multiple currencies, its official releases only give amounts in USD. AidData is using the USD values given by Trafigura in this project record. The other currencies used are unknown. This issue warrants further investigation.