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Overview

ICBC contributes to a $300 million USD syndicated loan to South Africa's Investec Bank Limited for refinancing purposes (linked to Record ID#s #98650, 98651, 98652)

Commitments (Constant USD, 2023)$30,188,889
Commitment Year•2018Country of Activity•South AfricaDirect Recipient Country of Incorporation•South AfricaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 20, 2018
Last repayment (originally scheduled)
Mar 19, 2020

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

  • AO Citibank
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • ING Bank A.Ş
  • JP Morgan
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))

State-owned Banks

  • Bayerische Landesbank (BayernLB)

Receiving agencies

Private Sector

  • Investec Bank Limited

Loan description

In 2018, ICBC contributes to USD 300 million syndicated loan to South Africa's Investec Bank Limited for refinancing purposes

Grant element•5.9365%Interest rate (t₀)•3.239%Interest type•Fixed Interest RateMaturity•2 years

Narrative

Full Description

Project narrative

On March 20, 2018, ICBC contributed to a $300 million USD syndicated loan to South Africa's Investec Bank Limited. The purpose of this loan was to refinance an April 2016 $635 million USD loan (Record ID#98650, 98651, 98652). The loan carried a maturity period of two years with a one-year extension option and an interest rate of 3.329%. Commerzbank, ICBC, and Mizuho co-ordinated the new facility and BayernLB was the facility agent. All 12 of the banks came in at the same level as book runner and mandated lead arranger. The rest of the banks were Citi, HSBC, ING, JP Morgan, Lloyds, Mizuho, and MUFG.

Staff comments

1. Since no other information was found, Aiddata assumes that each financer contributed equally at 30,000,000 USD. 2. Aiddata calculates the interest rate by adding the 6-month LIBOR rate (1.839%) + basis points (1.4%) = 3.239%