ICBC (Asia) contributes $35 million USD to a $589.5 million USD syndicated loan for Virgin Blue to support the purchase of four new Boeing 737-800 aircraft, six new Embraer 170 aircraft, and 11 new Embraer 190 aircraft

Project narrative

On August 14, 2007, a syndicate of 12 banks — including the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) — signed a $589.5 million USD syndicated loan agreement with Virgin Blue Australia Pty Ltd — an Australia-based airline now known as Virgin Australia — to support the purchase of four new Boeing 737-800 aircraft, six new Embraer 170 aircraft, and 11 new Embraer 190 aircraft. This loan carried a maturity period of 12 years and an interest rate of BBSY plus a margin of 50 basis points (bps). ICBC (Asia) contributed $35 million USD to the loan syndicate. In addition to ICBC (Asia), the following lenders contributed the respective amounts to the loan syndicate: ING Bank ($60.5 million USD), Australia and New Zealand Banking Group (ANZ) ($60 million USD), Commerzbank AG ($60 million USD), DBS Bank ($60 million USD), HSH Nordbank AG ($60 million USD), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($60 million USD), DekaBank Deutsche Girozentrale ($56 million USD), Fortis Bank ($47 million USD), Crédit Industriel et Commercial (CIC) ($45 million USD), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($23 million USD), and Intesa Sanpaolo S.p.A. ($23 million USD). ING Bank, ANZ, Commerzbank, DBS Bank, HSH Nordbank, OCBC Bank, DekaBank, Fortis, and CIC served as mandated arrangers. ICBC (Asia) served as arranger. BTMU and Intesa Sanpaolo served as co-arrangers.