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Overview

Shanghai Pudong Development Bank contributes to EUR 170 million syndicated loan to Inalfa Roof Systems Group for working capital purposes

Commitment Year•2022Country of Activity•NetherlandsDirect Recipient Country of Incorporation•NetherlandsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2022
Last repayment (originally scheduled)
May 31, 2024

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Shanghai Pudong Development Bank Co., Ltd. (SPDB)

Receiving agencies

Private Sector

  • Inalfa Roof Systems

Guarantors

State-owned companies

  • Beijing Hainachuan Automotive Parts Co. Ltd. (BHAP)

Loan description

EUR 170 million syndicated loan to Inalfa Roof Systems Group (Netherlands) for working capital purposes in 2022

Interest rate (t₀)•1.816%Interest type•Variable Interest RateMaturity•2 years

Narrative

Full Description

Project narrative

In June 2022, Shanghai Pudong Development Bank committed to contribute to an EUR 170 million syndicated loan to Inalfa Roof Systems Group — a wholly-owned subsidiary of Beijing Hainachuan Automotive Parts Co. — for working capital purposes. Loan terms include a maturity of two years, an interest rate based on EURIBOR plus a margin of 185bp, and a guarantee provided by Beiing Hainachuan. Mandated lead arrangers (MLAs) would commit EUR 30 million or more, receive a top level all-in fee of 195bp, and pay a participation fee of 40bp. Similarly, lead arrangers would commit EUR 20-29 million to receive an an all-in fee of 190bp and pay a participation fee of 30bp. Finally, arrangers would commit EUR 10-19 million to receive 185bp and pay 20bp.

Staff comments

1. Founded in 1946, Inalfa produces vehicle roof systems including insliders, topsliders, exterior sliders, fixed panels, sun blinds and truck hatches. The company has facilities in Slovakia, the Netherlands, the US, Brazil, Mexico, South Korea, China and Japan. In 2011, Beijing Hainachuan acquired a 100% stake in Inalfa from AAC Capital and Parcom Capital, according to an announcement at the time. Established in Beijing in 2008, Beijing Hainachuan specialises in car parts production. It is jointly owned by Chinese state-owned Beijing Automotive Industry Holding and Beijing Industrial Development Investment Management. They hold stakes of 60% and 40%, respectively, in Beijing Hainachuan.