ICBC contributes to $320.5 million credit facility to Eastern and Southern African Trade and Development Bank (Linked to Project ID#91931)

In October 2014, ICBC participated (as an arranger) in a $320.5 million syndicated credit facility (loan) agreement with the Eastern and Southern African Trade and Development Bank (PTA). This loan carried a maturity of 2 years and an interest rate of 2.863%. It was the Eastern and Southern African Trade and Development Bank's second-ever syndicated loan. The other arrangers of the loan agreement were Commerzbank, Mashreqbank, Standard Chartered, and Sumitomo Mitsui Financial. Then, on October 5, 2016, the Southern African Trade and Development Bank (TDB) signed a $400 million syndicated loan facility agreement with a group of 18 banks (as captured via Project ID#91931). The borrower was expected to use the loan proceeds to (i) repay a short-term facility that refinanced the borrower’s 2014 $320,500,000 syndicated term loan (captured via Project ID#98649) and (ii) for trade financing, project, and infrastructure financing, and for general corporate purposes.

Additional details

1. AidData has calculated the all-in interest rate by adding average 6-month LIBOR (0.363% in October 2014) + basis points (250=2.5%) = 2.863% (interest rate of LIBOR plus a margin of 250 basis points). 2. Since no further information was discoverable, AidData estimates the transaction amount (i.e. the amount contributed by ICBC) to be the total loan amount divided equally by each member of the loan syndicate ($320,500,000/5=$64,100,000).

Number of official sources

0

Number of total sources

1