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

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

Additional details

1. AidData has calculated the interest rate for this loan using the 6-month LIBOR rate from August 2018 (2.52%). For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2018.aspx 2. AidData is unable to ascertain the individual contributions made to the loan by each member of the syndicate, therefore equal contributions have been assumed (245/5).

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