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Overview

Agricultural Bank of China contributes to RMB-denominated USD 590 million syndicated term loan facility to Trafigura Pte Ltd for debt refinancing and general corporate purposes in 2020 (linked to Record ID#98684)

Commitments (Constant USD, 2023)$76,090,369
Commitment Year•2020Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 20, 2020
Last repayment (originally scheduled)
Oct 20, 2021

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

  • Trafigura Group Pte. Ltd.

Loan description

Agricultural Bank of China and China Construction Bank contribute to RMB-denominated USD 590 million syndicated term loan facility to Trafigura Pte Ltd for debt refinancing and general corporate purposes

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On October 20, 2020, a group of eight banks -- including Agricultural Bank of China and China Construction Bank -- agreed to terms on a one year, USD 590 million-equivalent RMB-denominated syndicated term loan facility to Trafigura Pte Ltd. The term loan is part of a broader facility to Trafigura, which includes a USD 730 million revolving credit facility and a USD 278 million 3-year term loan. Proceeds from the facility will be used for general corporate purposes and to refinance maturing one-year tranches from Trafigura's 2019 facilities (captured via Record ID#98498 and #98499) and a maturing three-year tranche from Trafigura's 2017 facilities (captured via Record ID#98471, 98472, 98473, 98474, 98475). The term loan has a one-year maturity, but other lending details are unknown. ABC's contribution is captured via Record ID#98683. CCB's contribution is captured via Record ID#98684.

Staff comments

1. AidData is only able to confirm that ABC and CCB contributed to the RMB-denominated tranche of the facility. Whether or not the two banks contributed to the other two tranches is unclear. 2. AidData is unable to ascertain individual contributions to the facility from each member of the syndicate, therefore equal contributions from each lender have been assumed. 3. Though the loan is denominated in RMB, the RMB value is unknown. Trafigura has stated that the value of the facility is "USD 590 million equivalent". Therefore, USD 590 million has been used as the basis for this project record's transaction amount.