Overview

Bank of China contributes to USD 1.7 billion multi-tranche syndicated lendnig facility to Wilmar International, Ltd. for general corporate, working capital, and refinancing requirements

Commitments (Constant USD, 2023)$45,945,946

Commitment Year•2023Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 30, 2023

Last repayment (originally scheduled): Jun 28, 2028

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

Bank of China (BOC)

Cofinancing agencies

Private Sector

DBS Bank Ltd.
HSBC (Hong Kong and Shanghai Banking Corporation)
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
United Overseas Bank Limited (UOB)

Receiving agencies

Private Sector

Wii Pte Ltd

Guarantors

Private Sector

Wilmar International Limited

Loan description

Bank of China contributions to USD 1.7 billion 2023 multi-tranche syndicated lending facility for Wilmar International general corporate, working capital, and refinancing requirements

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On June 30, 2023, a syndicate of 37 banks -- including Bank of China -- signed an agreement to provide a USD 1.7 billion dual-tranche syndicated lending facility to Wii Pte., Ltd., a wholly-owned subsidiary of Willmar International, Ltd. The facility consists of two tranches: a USD 702.5 million revolving credit facility and a USD 997.5 million term loan facility. Both tranches have identical five-year maturities, though interest rates are unknown. Proceeds from the facility will be used to finance general corporate and working capital requirements, in addition to refinancing existing debt. The facility is guaranteed by Wilmar International, Ltd. Originally launched at USD 1.2 billion on April 11, 2023, the facility was later upsized to USD 1.7 billion in response to strong interest from lenders. A total of 37 banks joined the lending syndicate, of which only six are known: Bank of China, DBS Bank, Ltd., HSBC, MUFG Bank, Ltd., OCBC, and UOB.

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facility by each member of the lending syndicate, therefore equal contributions from each lender have been assumed. 2. AidData is unable to ascertain whether each bank contributed to both tranches, therefore a single, unified project record has been created assuming equal contributions to all tranches by all lenders, using the average maturity of the two tranches.