Narrative
Full Description
Project narrative
In October 2022, China Merchants Bank contributed to an EUR 260 million syndicated bullet loan to Inalfa Roof Systems. Loan terms included a maturity of two years, top-level all-in pricing of 195bp via a margin of 175bp over EURIBOR and a 40bp fee, and a guarantee provided by Inalfa's parent company: Beijing Hainachuan Auto Parts (BHAP). This loan reflects an increase of an existing loan from EUR 170 million to EUR 260 million. Standard Chartered plc served as mandated lead arranger, bookrunner, and underwriter. Mandated lead arrangers in the syndicate were: China CITIC Bank (captured in Record ID#102187), China Everbright Bank (captured in Record ID#102188), Shanghai Pudong Development Bank (captured in Record ID#102189), Bank of Shanghai (captured in Record ID#102190), Bohai Bank (captured in Record ID#102191), Industrial Bank, Mizuho, Rabobank, ING, Bank of East Asia, Commerzbank, Credit Agricole CIB, and Fubon Financial Holding. Arrangers in the syndicate were China Merchants Bank (captured in Record ID#102192), Nanyang Commercial Bank (captured in Record ID#102193), Credit Industriel et Commercial, CTBC, , and Shanghai Commercial and Savings Bank.
Staff comments
1. The individual contributions of the 19 lenders to this EUR 260 million syndicated loan is unknown. For the time being, AidData has assumed each lender contributed equally (EUR 13,684,210.53) to the loan. 2. The interest rate is known to consist of top-level all-in pricing of 195bp via a margin of 175bp over EURIBOR and a 40bp fee. AidData has coded the 40bp fee as a management fee. Further, because the EURIBOR term is unknown, AidData has assumed it to be 6-month EURIBOR. In October 2022, average 6-month EURIBOR was 1.997%. Therefore, AidData has coded the interest rate as 1.997% EURIBOR + margin of 175bp = (1.997% + 1.75% = 3.747%.