ICBC contributes to the EUR 805.5 million tranche of a EUR 1.25 billion syndicated loan to Garanti Bank for general trade finance purposes (Linked to Project ID#98707)

In May 2017, a syndicate of 38 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €1.25 billion EUR-equivalent syndicated loan facility loan agreement with Türkiye Garanti Bankası A.Ş — a Turkish private bank — for general trade finance purposes. This facility consisted of two tranches: a $468 million USD tranche with an all-in interest rate of LIBOR plus 1.45% per annum and a €805.5 million EUR tranche with an all-in interest rate of EURIBOR plus 1.35% per annum. This facility carried a maturity period of 367 days. The proceeds were to be used by the borrower for general trade finance purposes including financing of export and import contracts. First Abu Dhabi Bank (PJSC) served as facility agent for the deal was First Abu Dhabi Bank (PJSC). ICBC and Standard Chartered Bank served as coordinators. ICBC's contribution to the $468 million USD tranche is captured by Project ID#98707. ICBC's contribution to the €805.5 million EUR tranche is captured by Project ID#98708.

Additional details

1. AidData has assumed that ICBC, as a coordinator, contributed to both tranches and that the other 37 banks did the same. The individual contribution of the 38 lenders to the €805.5 million EUR tranche of this €1.25 billion EUR syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount (€21,197,368.4211 EUR) to the tranche. 2. A 6-month EURIBOR was assumed. The average 6-month EURIBOR for May 2017 was -0.251%. Therefore, the interest rate has been coded as -0.251% + 1.35%, or 1.099%.

Number of official sources

0

Number of total sources

1