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Overview

ICBC contributes to USD 350 million dual-tranche club lending facility to Puma Energy for debt refinancing and general corporate purposes in 2017

Commitment Year•2017Country of Activity•SingaporeDirect Recipient Country of Incorporation•LuxembourgSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 14, 2017
Last repayment (originally scheduled)
Sep 13, 2022

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 America Merrill Lynch International Limited
  • ING Bank N.V.
  • Rand Merchant Bank (RMB)

State-owned Banks

  • Qatar National Bank Q.P.S.C. (QNB)

Receiving agencies

Private Sector

  • Puma International Financing S.A.

Guarantors

Private Sector

  • Puma Energy Holdings Pte. Ltd.

Loan description

ICBC contributes to USD 350 million dual-tranche club lending facility to Puma Energy for debt refinancing and general corporate purposes

Interest rate (t₀)•4.323%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On September 14, 2017, a group of banks -- including ICBC -- entered into a USD 350 million facility agreement with Puma International Financing S.A., the Luxembourgish indirect wholly-owned subsidiary of Singaporean company Puma Energy Holdings Pte. Ltd. The facility provides for two tranches: a USD 350 million term loan facility ("Club Facility A") with a five-year maturity and interest rate of LIBOR plus 285 basis points. This tranche also carries a USD 75 million accordion option, with proceeds to be used for debt refinancing and general corporate purposes. The second tranche is a USD term loan facility ("Club Facility B"), which can be raised at a later date under a USD 50 million accordion options to be applied towards debt refinancing. This tranche has a maturity of six years and an unknown, fixed interest rate. As of September 2023, it is unclear whether Puma Energy ever raised "Club Facility B". The whole facility is guaranteed by Puma Energy Holdings Pte. Ltd. An unknown number of banks participated in the club lending facility. Mandated lead arrangers and book runners were Bank of America Merrill Lynch, ICBC, ING Bank N.V., Qatar National Bank (QPSC), and Rand Merchant Bank.

Staff comments

1. Due to a lack of available information on the number of banks that contributed to the lending facility, AidData has left the transaction amount field blank on this project record to avoid overcounting. 2. As AidData is unable to ascertain whether funds were ever raised under Club Facility B, the lending terms for Club Facility A (LIBOR + 285bp and a 5-year maturity) have been used in the creation of this project record. 3. The 6-month LIBOR rate from September 2017 has been used in the creation of this project record (1.473%). For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2017.aspx 4. Puma Energy Holdings Pte. Ltd. is a Singapore-based global energy company specializing in the storage, distribution, and marketing of petroleum products. Established in 1997, the firm has operations in more than 40 countries, with a strong presence in emerging markets and significant investment in midstream storage and retail distribution. Puma International Financing S.A., its Luxembourg-based subsidiary, serves as the financing vehicle for raising international debt.