ICBC contributes to €720m tranche of syndicated loan for Siberian Anthracite (linked to #98691)
Commitment amount
$ 113252159.97588994
Adjusted commitment amount
$ 113252159.98
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Action relating to debt (Code: 600)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On September 26 2019, Siberian Anthracite, the largest producer of anthracite coal in Russia, closed on an approximately USD 907 million syndicated dual-currency loan. The purpose of the loan was to refinance a five year $570m facility raised in March 2018. This loan is comprised of two tranches: €720 million and $120 million. Lead arrangers were Commerzbank, Credit Suisse, ING, Industrial & Commercial Bank of China, Intesa Sanpaolo, Sberbank, Société Générale and UniCredit. Refinancing loans in Euros was an attractive option to Russian businesses in 2019 due to a contemporary round of US sanctions that limited access to dollars. This project captures ICBC's contribution to the €720m tranche, which had a tenor of 5 years. See project #98691 for the $120 million tranche.
Additional details
1. The individual financial contributions of ICBC to the syndicated loan are unknown. For the time being, AidData assumes equal financial contributions (€90 million) by the 8 known members of the loan syndicate. This issue warrants further investigation.
Number of official sources
0
Number of total sources
4
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Commerzbank [Private Sector]
Credit Suisse [Private Sector]
ING Bank N.V. [Private Sector]
Intesa Sanpaolo S.P.A. [Private Sector]
Sberbank [State-owned Bank]
Societe Generale [Private Sector]
UniCredit Bank AG [Private Sector]
Direct receiving agencies [Type]
Sibanthracite Group [Private Sector]
Loan Details
Maturity
5 years