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

Project narrative

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. The refinery expansion began in 2017. In January 2020 the expansion of the refinery was placed into operation. 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.