ICBC contributes to $261 million syndicated lending facility to Macquarie Group to finance its acquisition of Express Offshore Transport and Miclyn Offshore

Project narrative

On February 28, 2008, a group of 12 banks -- including Bank of Scotland, ICBC, Chinatrust, OCBC, Standard Bank, Mizuho, AMP Capital Investors, BayernLB, First Commercial, DZ, Aozora and Nordcap -- signed a $261 million syndicated multi-tranche facility agreement with Macquarie Group to support its acquisition of a 59.02% equity stake in MEO Finance Company Limited, a company registered in Bermuda that owns Express Offshore Transport and Miclyn Offshore (the “Miclyn Express Offshore business”) for $292,656,000. The facility had three tranches: a $203.5 million acquisition facility, a $50 million capital expenditure tranche, and a $7.5 million revolving credit facility, with a combined average maturity of 5.4 years and a margin of 300 basis points over LIBOR. Other borrowing details are unknown. Banks were invited to join for $40 million in the underwriting stage, and $30 million in general syndication. Natixis, United Overseas Bank, and WestLB served as mandated lead arrangers and bookrunners. Bank of Scotland, Chinatrust Commercial Bank, ICBC, OCBC, and Standard Bank joined during senior syndication. Mizuho Bank joined as a participant. The loan proceeds were to be used by the borrower to finance the acquisition of Express Offshore Transport and Miclyn Offshore. Express Offshore Transport is a specialized offshore shipping company owning 51 boats, operating in the Arabian Gulf and Southeast Asia. Miclyn Offshore owns and operates 37 offshore support vessels and barges, offering anchor handling, geotechnical and soil investigation, and vessel manning. The acquisition of MEO Finance Company Limited was ultimately completed between July 1, 2009 and June 30, 2010.