Industrial and Commercial Bank of China contributes to AED-denominated portion of $2 billion loan to AD Ports Group for general corporate purposes (Linked to Record ID#98925, #98926, #98927, #98928, #98929)

Project narrative

On April 4, 2023, Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) each contributed an estimated $153.84 million to a $2 billion multi-currency corporate funding facility to AD Ports Group. The facility had a maturity of up to 2.5 years and was split across three multi-currency tranches. Other financial details about the facility are currently unknown. Each tranche is captured in a separate project for each Chinese lender. For tranche 1, BOC (#98925) and ICBC (#98926) contributed an estimated EUR 46.15 million each to a EUR 600 million disbursement. For tranche 2, BOC (#98927) and ICBC (#98928) contributed an estimated $47.69 million each to a $620 million disbursement. For tranche 3, BOC (#98929) and ICBC (#98930) contributed an estimated AED 220.23 million each to a AED 2.863 billion disbursement. The lending syndicated had thirteen (13) participants. First Abu Dhabi Bank (FAB) and Citibank acted as lead coordinators. Mizuho Bank and Abu Dhabi Commercial Bank (ADCB) acted as additional book runners. Societe Generale and Emirates NBD acted as mandated lead arrangers (MLAs). Standard Chartered Bank, HSBC Middle East, BNP Paribas, Credit Agricole CIB, and Bank of China (BOC) acted as lead arrangers. Sumitomo Mitsui Banking Corporation (SMBC) and Industrial and Commercial Bank of China (ICBC) acted as arrangers. ADCB also acted as facility agent. The facility was negotiated on improved financing terms compared to a $1 billion rapid credit facility AD Ports Group secured in 2021 due to an upgrade in the company's credit rating. The new facility was 3.7 times oversubscribed, and was partially used to develop and operate a multi-purpose port in Safaga, Egypt, in addition to other expansion activities in Egypt.