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Overview

ICBC contributes to $3.5 billion revolving credit facility to Abu Dhabi National Energy Company in 2022 for refinancing and general corporate purposes

Commitments (Constant USD, 2023)$165,360,848
Commitment Year•2022Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 30, 2022
Last repayment (originally scheduled)
Sep 29, 2027

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bank of Nova Scotia (Scotiabank)
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Citibank, N.A.
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mashreqbank PSC
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Bank of Kuwait S.A.K. (NBK)
  • Natixis
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Emirates NBD Bank P.J.S.C.
  • First Abu Dhabi Bank PJSC (FAB)

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)
  • Bank of China (BOC)
  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • Abu Dhabi National Energy Company, PJSC (TAQA)

Loan description

2022 syndicated $3.5 billion revolving credit facility from CCB, ICBC, BoC, ABD, and others to Abu Dhabi National Energy Company for refinancing and general corporate purposes in the UAE

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On September 30, 2022, a syndicate of 20 banks — including the Agricultural Bank of China (ABC), the Bank of China (BOC), the Industrial and Commercial Bank of China (ICBC), and China Construction Bank Corporation (CCB) — entered into a $3.5 billion USD syndicated revolving credit facility (RCF) agreement with Abu Dhabi National Energy Company, PJSC (TAQA) — an United Arab Emirates-incorporated energy holding company operating in oil and gas, power generation, water desalination, and infrastructure sectors headquartered in Abu Dhabi and listed on Abu Dhabi Securities Exchange majority-owned by the Government of Abu Dhabi — for refinancing and general corporate purposes. The RCF carried a maturity period of five years with a final maturity date in 2027 and an interest rate based on SOFR plus a margin. The proceeds were to be used by the borrower to refinance a $3.5 billion USD RCF signed in December 2019 which BOC (Record ID#91951) and ICBC (Record ID#91952) each contributed to, and to fund the borrower's general corporate functions. Record ID#98890 captures ABC's contribution. Record ID#98893 captures BOC's contribution. Record ID#98892 captures ICBC's contribution. Record ID#98894 captures CCB's contribution. First Abu Dhabi Bank (FAB), Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation (SMBC) acted as bookrunners, initial mandated lead arrangers (MLAs), and global coordinators. ABC, Barclays, BNP Paribas, Citibank, Emirates NBD, HSBC, Mashreqbank, Standard Chartered Bank, BOC, and ICBC acted as bookrunners and mandated lead arrangers (MLAs). China Construction Bank (CCB), National Bank of Kuwait (NBK), Intesa Sanpaolo, JP Morgan, The Bank of Nova Scotia (Scotiabank), and Natixis acted as mandated lead arrangers (MLAs). SMBC acted as documenter and FAB acted as facility agent. The facility was 1.7 oversubscribed during the initial syndication phase.

Staff comments

1. The individual contributions of the 20 lenders to this $3.5 billion USD syndicated loan are unknown. Therefore, for the time being, to estimate the contributions of the Chinese state-owned banks, AidData has assumed that each lender contributed equally ($175,000,000 USD) to the loan syndicate.