ICBC contributes to a $300 million USD syndicated loan to South Africa's Investec Bank Limited for refinancing purposes (linked to projects #98650, 98651, 98652)
Commitment amount
$ 32695492.4363603
Adjusted commitment amount
$ 32695492.44
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
South Africa
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
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 (project #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.
Additional details
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%
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Commerzbank [Private Sector]
Mizuho Bank [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
AO Citibank [Private Sector]
HSBC [Private Sector]
ING Bank A.Ş [Private Sector]
JP Morgan [Private Sector]
Lloyds Bank [Private Sector]
MUFG Bank [Private Sector]
Direct receiving agencies [Type]
Investec Bank (South Africa) [Private Sector]
Loan Details
Maturity
2 years
Interest rate
3.239%
Grant element (OECD Grant-Equiv)
5.9365%