Skip to content
AidData logo

Overview

Bank of China (BOC) contributes to SGD 222.3 million syndicated credit facility for FirstOffice in 2008

Commitments (Constant USD, 2023)$31,615,481
Commitment Year•2008Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 31, 2008
Last repayment (originally scheduled)
Jan 30, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Standard Chartered Bank PLC

State-owned Banks

  • Bank of India Limited (BOI)
  • Bank of Taiwan
  • Pt Bank Mandiri (Persero) Tbk Singapore Branch
  • UCO Bank

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • FirstOffice

Loan description

Bank of China contributions to SGD 222.3 million 2008 syndicated credit facility for FirstOffice to finance acquisition and development of a Grade A office building

Interest rate (t₀)•2.70313%Interest type•Variable Interest RateMaturity•4 years

Narrative

Full Description

Project narrative

On January 31, 2008 a group of banks — including the Bank of China (BOC) Singapore branch— reached financial close on a SGD 222.3 million credit facility with FirstOffice, a special purpose vehicle owned by LaSalle Asia Opportunity Fund III and Lum Chang Holdings. This loan carried a maturity period of four years and was split into two tranches: a SGD 147 million land loan and a SGD 75.3 million construction portion, both with an interest rate margin of SOR plus a margin of 100 bps. The proceeds were to support and finance the acquisition and development of a Grade A office building. Bank of China (Singapore Branch) and Bank of India (Singapore Branch) participated as lead arrangers. Bank of Taiwan (Singapore Branch), PT Bank Mandiri (Persero) (Singapore Branch), and UCO Bank Singapore rounded off the syndicate. Standard Chartered Bank and United Overseas Bank served as original mandated arrangers and bookrunners. Commonwealth Bank of Australia (Singapore Branch) joined in as an equal-status arranger.

Staff comments

1. The exact size of ICBC contribution is unknown. For the time being, AidData assumes that all 7 members of the lending syndicate contributed equally (SGD 31,757142.9) to the SGD 222.3 million syndicated loan. 2. AidData estimates by adding the 6-month average SIBOR rate at the time of the commitment (1.70313%) plus the applicable margin (1%) equal to 2.70313%.