Industrial and Commercial Bank of China (Asia) contributes to $2.5 billion loan to Borse Dubai for refinancing purposes

Project narrative

On February 19, 2009, Industrial and Commercial Bank of China (Asia) (ICBC Asia) contributed an estimated $78.57 million to a $2.5 billion loan to Borse Dubai, a stock exchange in the UAE, for the refinancing of a preexisting loan. The new loan had an unknown maturity date, a one-year extension option, and an interest rate of 325bps (3.25%) plus contemporary LIBOR. The lending syndicate contained twelve (12) participants. The Emirati state-owned Investment Corporation of Dubai (ICD) provided $1.3 billion in debt and $1 billion in equity to Borse Dubai, using proceeds from the $6 billion syndicated loan it acquired in November, 2008. Emirates Bank NBD and Dubai Islamic Bank each committed $800 million after receiving capital from ICD. HSBC contributed $250 million and acted as coordinator. MUFG Bank contributed $100 million. Bank of Baroda, ING Bank, Industrial and Commercial Bank of China (Asia) (ICBC Asia), Intesa Sanpaolo, National Bank of Abu Dhabi (NBA), and Union National Bank (UNB) collectively contributed a further $550 million. ICBC acted as a senior lead arranger.