ICBC contributes to a $1.25 billion syndicated loan for MTN Group Limited for general corporate and working capital purposes in September 2018 (Linked to Project ID#60246)

On September 28, 2018, MTN Group Limited — a South African telecommunications company — signed a $1.25 billion syndicated revolving credit facility with 9 banks for general corporate and working capital purposes. The facility carries a 5-year maturity. However, its interest rate is unknown. ICBC and BOC provided 14% of total commitments. As such, AidData estimates that BOC contributed $87,500,000 (captured via Project ID#60246) and ICBC also contributed $87,500,000 (captured via Project ID#98759) to this syndicated loan. MTN Group Limited and its subsidiaries provided a guarantee for the RCF. Participants in the lending syndicate included Citi, Industrial and Commercial Bank of China Ltd., Bank of America Merrill Lynch, MUFG, Sumitomo Mitsui Banking Corporation, JPMorgan, Mizuho, Standard Chartered, and Bank of China. $200 million USD of the RCF was drawn down as of December 31, 2018.

Additional details

1. Based in South Africa, MTN Group Limited is one of the largest emerging market telecommunications companies, with operations in 21 countries across Africa and the Middle East and c.221m subscribers. 2. The exact size of Bank of China and ICBC’s respective financial contributions to the $1.25 billion syndicated loan are unknown, expect for the fact that both banks provided 14% of the syndicated loan ($175,000,000). For the time being, AidData assumes that the two Chinese banks contributed equal amounts ($87,500,000). 3. The following lenders participated in the syndicated loan: Citi, which acted as Coordinator, Bookrunner, Senior Mandated Lead Arranger and Facility Agent; ICBC, which acted as Lead Arranger; Bank of America Merrill Lynch, which acted as Mandated Lead Arranger & Bookrunner; Mitsubishi UFJ Financial Group, which acted as Mandated Lead Arranger; Sumitomo Mitsui Banking Corporation, which acted as Mandated Lead Arranger; JPMorgan, which acted as Mandated Lead Arranger; Mizuho Bank, which acted as Mandated Lead Arranger; Standard Chartered, which acted as Lead Arranger; and BOC, which acted as Lead Arranger.

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