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Overview

China Merchants Bank contributes $56.69 million USD to the $295.57 million USD term loan tranche of a $379.57 million USD syndicated loan for the Citizens Parking Refinancing Project (Linked to Record ID#101614)

Commitments (Constant USD, 2023)$60,218,912
Commitment Year•2017Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2017
Last repayment (originally scheduled)
Mar 1, 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

  • China Merchants Bank Co., Ltd.

Cofinancing agencies

Private Sector

  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Capital One, N.A.
  • ING Bank N.V.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Citizens Parking, Inc.

Loan description

March 2017 $379.57 million USD syndicated loan for the Citizens Parking Refinancing Project in the United States

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On March 1, 2017, financial close was reached on a deal in which a syndicate of six banks — including China Merchants Bank Co., Ltd. — entered into a $379.57 million USD syndicated loan agreement with Citizens Parking, Inc. — an American parking services company consisting of five brands across the United States jointly owned by New York-headquartered international investment firm Antarctica Capital, LLC (50% equity stake) and American investment firm HPS Investment Partners (HPS) (50% equity stake) — for the Citizens Parking Refinancing Project. This loan was divided into two tranches: a $84.00 million USD revolver tranche with a maturity period of five years and a final maturity date of March 1, 2022 and a $295.57 million USD term loan tranche with a maturity period of five years and a final maturity date of March 1, 2022. The proceeds were to be used by the borrower to refinance Citizens Parking's existing company debt. China Merchants Bank contributed $17.45 million USD to the $84 million USD revolver tranche. Record ID#101614 captures its contribution. In addition to China Merchants Bank, the following lenders contributed the respective amounts to the tranche: Capital One Bank ($17.45 million USD), ING Bank N.V. ($8.00 million USD), MUFG Bank, Ltd. ($17.45 million USD), Banco Santander S.A. ($17.45 million USD), and Sumitomo Mitsui Banking Corporation (SMBC) ($6.20 million USD). China Merchants Bank contributed $56.69 million USD to the $295.57 million USD term loan tranche. Record ID#101615 captures its contribution. In addition to China Merchants Bank, the following lenders contributed the respective amounts to the tranche: Capital One Bank ($56.69 million USD), ING ($54.00 million USD), MUFG Bank ($56.70 million USD), Santander ($56.69 million USD), and SMBC ($14.80 million USD).