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Overview

Construction Bank of China contributes to RMB tranche of USD 2.4 billion syndicated multi-tranche lending facility to Trafigura Pte. Ltd. for debt refinancing and general corporate purposes in 2021 (linked to Record ID#98701, #98702)

Commitments (Constant USD, 2023)$102,588,257
Commitment Year•2021Country 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 25, 2021
Last repayment (originally scheduled)
Oct 25, 2022

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

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Receiving agencies

Private Sector

  • Trafigura Group Pte. Ltd.

Loan description

Bank of Communications, Agricultural Bank of China, and China Construction Bank contribute to USD 2.4 billion syndicated multi-tranche lending facility to Trafigura Pte. Ltd. for debt refinancing and general corporate purposes

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On October 25, 2021, a group of 36 banks -- including Bank of Communications, Agricultural Bank of China, and China Construction Bank -- reached financial close on a USD 2.4 billion syndicated multi-tranche lending facility to Trafigura Pte. Ltd. Proceeds from the facility will be used for general corporate purposes and to refinancing maturing tranches of Trafigura's 2018 (Record ID#98476, 98477, 98478) and 2020 facilities (Record ID#98683, 98684). The facility contains three tranches, denominated in two different currencies: Two USD-denominated tranches, including a 365-day USD 700 million revolving credit facility and a 3-year USD 810 million term loan. Other lending details are unknown. Bank of Communications, DBS Bank, Standard Chartered, Sumitomo Mitsui Banking Corporation, and Development Bank of Japan served as mandated lead arrangers and bookrunners for the USD tranches. A total of 30 lenders contributed to the USD tranches. BoComm's contribution is captured via Record ID#98701. One RMB-denominated tranche, a 1-year RMB-denominated term loan facility, at USD 890 million-equivalent. Other lending details are unknown. Agricultural Bank of China and China Construction Bank served as mandated lead arrangers and bookrunners for the RMB-denominated tranche. A total of eight lenders contributed to the RMB tranche. ABC's contribution is captured via Record ID#98702. CCB's contribution is captured via Record ID#98703.

Staff comments

1. AidData is unable to ascertain which tranches each Chinese lender contributed to, therefore it has assumed that Bank of Communications only contributed to the USD tranches and that Agricultural Bank of China and China Construction Bank only contributed to the RMB tranche. 2. Within the USD tranches, AidData is unable to ascertain whether BoComm contributed to one or both tranches, therefore the average of the two maturities has been used in the creation of this project record. 3. AidData is unable to ascertain individual contributions to the facilities by each member of the syndicate, therefore equal contributions from each lender have been assumed (1.51/30 and 890/6). 4. The value of the RMB tranche has only been given as a USD-equivalent. In the absence of the value of the term loan in RMB, AidData has used USD to record the transaction amounts on the project records.