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Overview

Agricultural Bank of China contributes to USD 400 million syndicated green term loan to Frasers Property for unspecified corporate purposes

Commitments (Constant USD, 2023)$23,622,978
Commitment Year•2022Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 7, 2022
Last repayment (originally scheduled)
Sep 6, 2027

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Barclays Bank PLC
  • Chang Hwa Commercial Bank Limited
  • Credit Agricole S.A. (Crédit Agricole Group)
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • First Commercial Bank Limited
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • RHB Bank Berhad
  • SBI Shinsei Bank, Limited
  • The Joyo Bank, Ltd.
  • The Shiga Bank, Ltd.

State-owned Banks

  • Bank of Taiwan
  • Land Bank of Taiwan Co., Ltd. (LBOT)

Receiving agencies

Private Sector

  • Frasers Property Treasury Pte, Ltd. (Formerly FCL Treasury Pte Ltd)

Loan description

Agricultural Bank of China contributions to USD 400 million 2022 syndicated green term loan for Frasers Property unspecified corporate purposes

Interest rate (t₀)•4.87%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On September 7, 2022, a syndicate of lenders -- including Agricultural Bank of China -- signed an agreement to provide a USD 400 millions syndicated green term loan to Frasers Property. The borrow is Frasers Property Treasury Pte., Ltd. Proceeds from the facility will be used to finance new assets. The facility has a five-year maturity, with an interest rate of SOFR plus 145 basis points. The facility is issued under a "Green Finance Framework," which specifies which projects that the facility's proceeds can be used for. A total of x banks joined the syndicate, with Barclays, CTBC Bank, and MUFG serving as mandated lead arrangers, bookrunners, and underwriters, RHB Bank serving as mandated lead arranger, Agricultural Bank of China and Credit Agricole serving as lead arrangers, and Bank of Taiwan, Shinsei Bank, Chang Hwa Commercial Bank, First Commercial Bank, Joyo Bank, Land Bank of Taiwan, and Shiga Bank serving as arrangers. Mandated lead arrangers joined at amounts exceeding USD 50 million, lead arrangers joined for USD 25-50 million, and arrangers joined for USD 10-25 million.

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facility by each lender, therefore Agricultural Bank of China's contribution has been estimated at the low end of the lead arranger level (USD 25 million) to avoid overcounting.