Industrial and Commercial Bank of China contributes to $2 billion loan to Emirates NBD to refinance previous loan and for general corporate purposes (Linked to Record ID#98907, #98908)

Project narrative

In late September, 2018, the Agricultural Bank of China (ABC) (#98907), China Construction Bank (CCB) (#98908), and Industrial and Commercial Bank of China (ICBC) (#98909) each contributed an estimated $111.11 million to a $2 billion syndicated loan facility to Emirates NBD to refinance a previous loan and for general corporate purposes. This loan extended the maturity date into an unknown date in 2021 and reduced the interest rate by an unknown amount. Emirates NBD leveraged increasing profits and lowered risk to renegotiate the loan terms. The refinanced $1.7 billion loan, in which ICBC participated (#89690), had a maturity date in June 2019 and an interest rate of LIBOR plus 145bps (1.45%). The lending syndicate included eighteen (18) participants. Deutsche Bank, Nomura, and Societe Generale acted as mandated lead arrangers (MLAs). Agricultural Bank of China (ABC), ANZ Bank, BofA Securities, BNP Paribas, China Construction Bank (CCB), Citigroup, Commerzbank, HSBC, Industrial and Commercial Bank of China (ICBC), ING Bank, JP Morgan, Mizuho, Standard Chartered bank, State Bank of India (SBI), and Wells Fargo acted as bookrunners.