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Overview

ICBC contributes to $245 million syndicated loan to Khopoli Investments Limited for unspecified corporate purposes

Commitments (Constant USD, 2023)$49,308,518
Commitment Year•2018Country of Activity•MauritiusDirect Recipient Country of Incorporation•MauritiusSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 24, 2018
End (actual)
Jan 1, 2021
Last repayment (originally scheduled)
Aug 23, 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 (ICBC)

Cofinancing agencies

Private Sector

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

Receiving agencies

Private Sector

  • Khopoli Investments Limited

Guarantors

Private Sector

  • The Tata Power Company Limited (TPCL)

Loan description

ICBC contributes to USD 245 million syndicated loan to Khopoli Investments Limited

Grant element•8.0672%Interest rate (t₀)•3.67%Interest type•Fixed Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On August 24, 2018, a group of Chinese and non-Chinese banks -- including ICBC, Bank of America, Sumitomo Mitsui Banking Corporation, DBS Bank, and ANZ Group -- signed a $245 million syndicated loan agreement with Khopoli Investments Limited, a Mauritius-based subsidiary of India's The Tata Power Company Limited (TPCL). The proceeds of the loan were to be used by the borrower to refinance a previous $305 million loan from SMBC to Khopoli Investments. The loan carried a three year maturity and an annual interest rate of LIBOR plus 115 basis points. TPCL issued a guarantee worth 105% of the loan's principal amount outstanding. The loan was drawn down on August 30, 2018. $20 million was repaid on September 30, 2019. The loan was fully repaid in the financial year ending on March 31, 2021.

Staff comments

1. AidData has estimated the all-in interest rate by adding 1.15% to average 6-month LIBOR in August 2018 (2.52%). 2. The individual financial contributions of the members of the syndicate are unknown. For the time being, AidData assumes equal contributions across the five members of the syndicate ($245 million/5).