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Overview

ICBC contributes to $250 million USD syndicated loan to Saka Energi Indonesia for refinancing purposes (Linked to Record ID#98584)

Commitments (Constant USD, 2023)$15,961,896
Commitment Year2017Country of ActivityIndonesiaDirect Recipient Country of IncorporationIndonesiaSectorIndustry, Mining, ConstructionFlow TypeLoan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 30, 2017

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.
  • Citibank, N.A.
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • DBS Bank Ltd.
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • Mizuho Bank, Ltd.
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Taipei Fubon Commercial Bank Co., Ltd. (Taipei Fubon Bank)
  • The Shanghai Commercial & Savings Bank, Ltd. (SCSB)

State-owned Banks

  • State Bank of India (SBI)

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • PT Saka Energi Indonesia (PGN Saka)

Loan description

ICBC and Bank of China contributions to $250 million USD syndicated loan to Saka Energi Indonesia

Interest typeVariable Interest Rate

Narrative

Full Description

Project narrative

Circa October 30, 2017, a syndicate of 14 banks — including the Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC) — committed to a $250 million USD syndicated loan to PT Saka Energi Indonesia — the upstream oil and gas arm of Indonesian state-owned Perusahaan Gas Negara — for refinancing purposes. The deal was to formally sign in the first week of November 2017. The loan carried a variable interest rate margin based on LIBOR plus a margin. ICBC and BOC each contributed $15 million USD to the loan syndicate as lead arrangers. Record ID#98583 captures ICBC's contribution. Record ID#98584 captures BOC's contribution. Among the six mandated lead arrangers, BNP Paribas and Sumitomo Mitsui Banking Corp committed $35 million USD each, with BNP splitting its portion between its Indonesian branch, which took $25 million USD, and the Singapore branch, which took $10 million USD. Citibank contributed $30 million USD and DBS, Mizuho and HSBC each took $25 million USD. Overseas Chinese Banking Corporation committed $15 million USD as lead arranger. At the lead manager level five banks participated: Intesa Sanpaolo and Taipei Fubon Commercial Bank committed $7 million USD each; CTBC Bank and State Bank of India committed $6 million USD each; and Shanghai Commercial Bank and Savings Bank committed $4 million USD.