ICBC contributes $60 million to $300 million B loan tranche of a $378 million syndicated loan for the Campana Refinery Expansion Project (Linked to Project ID#92307)

On May 6, 2016, financial close was reached on a deal in which a syndicate of six banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $378.00 million USD syndicated loan agreement with Axion Energy Argentina S.A. — a wholly owned subsidiary of Argentina-based refining and fuel distribution company Bridas Corporation, itself 50% owned by Argentina's Bridas Energy Holdings and 50% by Chinese state-owned petroleum company CNOOC Limited — for the Campana Refinery Expansion Project. This loan carried a A/B loan structure: the $78.00 million USD A loan that carried a maturity period of eight years, a maturity date of May 6, 2024, and was provided entirely by the International Finance Corporation (IFC) and a $300.00 million USD B loan that carried a maturity period of five years and six months (5.5 years), a final maturity date of November 6, 2021, and was provided by a five-commercial bank syndicate. All five commercial lenders, including ICBC, contributed $60.00 million USD to the $300 million USD B loan. The proceeds were to be used by the borrower to support a $1.5 billion USD expansion of the Campana Refinery's production lines for refined products such as ultra-low sulfur diesel, to reduce its sulfur emissions, and expand its distribution network. In addition to ICBC, the following lenders contributed to the tranche: Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Crédit Agricole Group, and Citibank.

Additional details

1. On June 25, 2019, the IFC made an investment in the Argentine branch of Pan American Energy (PAE) LLC, composed of an ‘A loan’ worth $135 million; a $50 million ‘B loan’ via the IFC’s Managed Co-Lending Portfolio Program (MCPP), a platform where institutional investors can passively participate in IFC’s future loan portfolio; and a syndicated ‘B Loan’ loan worth $315 million, for a total of $500 million. Participants in the $315 million syndicated loan included Bancaribe, BBVA, Santander, Citi, Industrial and Commercial Bank of China (ICBC), Crédit Agricole and JP Morgan. The loan proceeds were to be used by PAE to complete its ongoing multi-year refinery upgrade program of the Campana refinery. 2. Based on the fact that the expansion was referred to as "on-going" for the 2019 loan, AidData has marked the project_status field as Implementation.

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