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Overview

ICBC (JSC) contributes RUB 1.9 billion of RUB 30 billion syndicated loan for the acquisition of 32 aircrafts SSJ-100 by GTLK (Linked to Record ID#98754)

Commitments (Constant USD, 2023)$34,673,670
Commitment Year•2017Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaOverseas Jurisdiction•RussiaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2017

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

  • Bank ICBC (JSC) (ICBC Moscow)

Cofinancing agencies

Private Sector

  • Credit Bank of Moscow
  • Gazprombank
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)

State-owned Banks

  • Russian Regional Development Bank

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • PJSC State Transport Leasing Company (STLC) (GTLK)

Loan description

BOC and ICBC contribution to RUB 30 billion syndicated loan for the acquisition of 32 aircrafts SSJ-100 by GTLK

Interest type•Unknown

Narrative

Full Description

Project narrative

In March 2017, ICBC (JSC) (the Russian-subsidiary of ICBC) contributed RUB 1.9 billion to a RUB 30 billion syndicated loan to finance the program for the acquisition of 32 aircrafts SSJ-100 initiated by State Transport Leasing Company (STLC or GTLK), a Russian state-owned leasing company, to be further leased out to JSC “Yamal Airlines”, Yakutia Airlines, JSC “IrAero” Airlines and Azimut Airlines under the Sukhoi Superjet (SSJ-100) domestic aircraft lease enhancement program (implemented by GTLK to the order of the RF Government with support of the Ministry of Transport and the Ministry of Trade & Industry of the Russian Federation). Also in March 2017, Russian Regional Development Bank (part of Rosneft group) joined the syndicated loan facility agreement as a lender with a commitment of RUB 5 billion. Furthermore, in May 2017, Credit Bank of Moscow, Banca Intesa (Intesa Sanpaolo S.P.A.), and the Bank of China joined the syndicated loan facility agreement as lenders with commitments of RUB 5.4 billion, RUB 1.35 billion and RUB 1.35 billion (see linked Record ID#98754), respectively. Gazprombank also contributed to this loan and was the arranger. As of April 2017, 17 aircrafts were supplied under the acquisition contract between Sukhoi Civil Aircraft Company and STLC; the supply of the remaining 15 aircrafts was expected late 2017. On December 21, 2017, the Group and Gazprombank signed an amendment agreement to the syndicated loan facility agreement dated December 13, 2016 which extended the loan facility amount to up to RUB 43.1 billion from RUB 30 billion for the purposes of financing the acquisition of 36 Sukhoi Superjet 100 aircraft (an increase from 32 Sukhoi Superjet 100 aircraft under the original syndicated loan facility agreement)