Overview

ICBC (Asia) contributes to USD 460 million syndicated loan to Bhira Investments Limited for unspecified corporate purposes

Commitments (Constant USD, 2023)$71,675,989

Commitment Year•2016Country of Activity•MauritiusDirect Recipient Country of Incorporation•MauritiusOverseas Jurisdiction•Hong Kong (China)Sector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 24, 2016

Last repayment (originally scheduled): Feb 26, 2021

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 (Asia) Limited (ICBC (Asia))

Cofinancing agencies

Private Sector

Australia and New Zealand Banking Group (ANZ)
Axis Bank
Bank of America, N.A.
DBS Bank Ltd.
Sumitomo Mitsui Banking Corporation (SMBC)

State-owned companies

Export Development Canada (EDC)

Receiving agencies

Private Sector

Bhira Investments Pte. Ltd. (formerly Bhira Investments Limited)

Guarantors

Private Sector

The Tata Power Company Limited (TPCL)

Loan description

CBC (Asia) contributes to USD 460 million syndicated loan to Bhira Investments Limited

Grant element•15.3514%Interest rate (t₀)•2.381%Interest type•Fixed Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On February 24, 2016, a group of banks -- including ICBC (Asia) -- signed a USD 460 million syndicated loan agreement with Bhira Investments Limited, a Mauritius-incorporated subsidiary of India's Tata Power Company Limited. Proceeds from the loan are for unspecified corporate purposes. The loan carries an interest rate of 1-month LIBOR plus 195 basis points, with a five year maturity (including a final maturity date of February 26, 2021). Tata Power Company issued a guarantee for 105% of the loan's principal. It was drawn down, with $217,198,546 USD outstanding as of March 31, 2019. ICBC (Asia), Bank of America, DBS Bank, Export Development Canada, Sumitomo Mitsui Banking Corporatio, Australia and New Zealand Banking Group, and Axis Bank Limited Hong Kong branch participated in the loan, with Bank of America as agent.

Staff comments

1. AidData has calculated the interest rate for this loan using the 1-month LIBOR from February 2016 (0.431%). For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2016.aspx 2. AidData is unable to ascertain individual amounts contributed to the loan by each member of the syndicate, therefore equal contributions from each lender have been assumed (460/7).