Overview

ICBC contributes to USD 500 million dual-tranche syndicated revolving credit facility to Mercuria Energy Trading Pte Ltd for debt refinancing purposes in 2012

Commitment Year•2012Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 30, 2012

Last repayment (originally scheduled): Nov 30, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Australia and New Zealand Banking Group (ANZ)
BNP Paribas S.A.
DBS Bank Ltd.
HSBC (Hong Kong and Shanghai Banking Corporation)
ING Bank N.V.
Royal Bank of Scotland
Société Générale S.A. (SocGen or Societe Generale)
Standard Chartered Bank PLC
Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

First Gulf Bank (FGB)

Receiving agencies

Private Sector

Mercuria Energy Trading Pte. Ltd.

Loan description

ICBC contributes to USD 500 million dual-tranche syndicated revolving credit facility to Mercuria Energy Trading Pte Ltd for debt refinancing purposes

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On November 30, 2012, a group of banks — including ICBC — signed a USD 500 million dual-tranche syndicated loan agreement with Mercuria Energy Trading Pte. Ltd., a Singapore-based trader of crude oil and refined oil products. Proceeds from the facility will be used to help meet the repayment of a USD 755 million facility due on December 7, 2012 (captured via Record ID#99200). The facility is split between a one-year USD 360 million revolving credit facility and a three-year USD 140 million revolving credit facility. Other lending details are unknown. First Gulf Bank, ANZ Banking Group, BNP Paribas, DBS Bank, HSBC, ICBC, ING Bank, RBS, SocGen, Standard Chartered, and Sumitomo Mitsui Banking Group served as arrangers. The banks that joined the facility during syndication are unknown.

Staff comments

1. Due to a lack of information on the number of banks that joined in syndicate, AidData is unable to apply the equal contribution assumption, so the transaction amount for this facility has been left blank. 2. AidData is unable to ascertain individual contributions to each tranche, therefore a single project record with the average maturity of the two tranches has been created.