Overview

ICBC contributes to $120m tranche of syndicated loan for Siberian Anthracite (Linked to Record ID#98690)

Commitments (Constant USD, 2023)$15,569,812

Commitment Year•2019Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 26, 2019

Last repayment (originally scheduled): Sep 24, 2026

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

Commerzbank Aktiengesellschaft (Commerzbank AG)
Credit Suisse AG
ING Bank N.V.
Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
Société Générale S.A. (SocGen or Societe Generale)
UniCredit Bank AG

State-owned Banks

Sberbank

Receiving agencies

Private Sector

Sibanthracite Group

Loan description

ICBC contribution to USD 120 million syndicated loan tranche for Siberian Anthracite

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

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 $120 million tranche, which had a tenor of seven years. See Record ID#98690 for the €720 million tranche.

Staff comments

1. The individual financial contributions of ICBC to the syndicated loan are unknown. For the time being, AidData assumes equal financial contributions ($15 million) by the 8 known members of the loan syndicate. This issue warrants further investigation.