Active Mixed AidData Chinese Aid

ICBC participates in $200 million syndicated loan tranche to TDB for debt refinancing purposes in October 2018 (Linked to Record ID#92299, #92301, #92305, #66947, and #92306)

$16.67M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Eastern and Southern African Trade and Development Bank (TDB)
Country	Africa, regional
Start Date	Oct 02, 2018
End Date	Dec 15, 2031
Duration	4,822 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59435`

Grant Description

ICBC, BOC, and CDB contributions to $460 million syndicated loan to TDB for debt refinancing purposes in October 2018 On October 2, 2018, the Southern African Trade and Development Bank (TDB) signed a $460 million syndicated loan facility agreement with a group of banks for debt refinancing purposes.

📋 Loan / Grant Terms

💰 Loan Amountconsisted of two tranches: a $200 million tranche with a 2-year maturity and an interest rate of LIBOR plus a 1

📅 Maturity2 years

This project captures ICBC's contribution to the $200 million loan tranche. BOC's contribution to the $200 million loan tranche is captured via Record ID#92299. CDB's contribution to the $200 million loan tranche is captured via Record ID#92301. BOC's contribution to the $260 million loan tranche is captured via Record ID#92305.

ICBC's contribution to the $260 million loan tranche is captured via Record ID#66947. CDB's contribution to the $260 million loan tranche is captured via Record ID#92306.

Participants in the lending syndicate included Citigroup, Commerzbank, Emirates NBD, First Abu Dhabi Bank, Industrial & Commercial Bank of China, Mashreqbank, Mizuho, MUFG, Standard Chartered, Sumitomo Mitsui Financial Group, Bank of China, and China Development Bank. Standard Chartered acted as Documentation Agent and Citigroup acted as Facility Agent.

The proceeds of the loan were to be used by the borrower to refinance a $400 million syndicated term loan that TDB contracted on October 5, 2016 (see Record ID#91931).

📋 Staff Comments

This loan is not included in the Chinese Loans to Africa Database developed by SAIS-CARI and maintained by the Global Development Policy Center at Boston University.
The Chinese government is the largest shareholder in Eastern and Southern African Trade and Development Bank (formerly known as PTA Bank), with a 9.3% shareholding.
The precise size of the contributions of ICBC, Bank of China, and China Development Bank to the loan syndicate are unknown. For the time being, AidData assumes equal contributions to the $260 million loan tranche ($21,666,666) and the $200 million loan tranche ($16,666,666) across the 12 known participants in the loan syndicate.
For the time being, AidData assumes that all lenders participated in both tranches. This issue warrants further investigation.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

TDB SIGNS A US$ 460 MILLION DUAL TRANCHE SYNDICATED TERM LOAN FACILITY
EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK
Trade & Development Bank (TDB) - Syndicated Loan
TDB attracts global support for dual-tranche facility to finance Africa trade
Euro Medium Term Note Programme
TDB Signs a US$ 460 Million Dual Tranche Syndicated Term Loan Facility
COVER NOTE TO THE EURO MEDIUM TERM NOTE PROGRAMME OF TDB IN RELATION TO ITS SECONDARY LISTING ON THE OFFICIAL MARKET OF THE STOCK EXCHANGE OF MAURITIUS LTD
Annual Report 2017
Global Capital Syndicated Loan and Leveraged Finance Awards 2018: the winners Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.