Overview

Bank of China contributes $20 million USD to $275 million USD syndicated revolving credit facility to Acradia Energy for working capital purposes

Commitments (Constant USD, 2023)$25,722,769

Commitment Year•2010Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 25, 2010

Last repayment (originally scheduled): Nov 23, 2011

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

ABN AMRO Bank NV
BNP Paribas S.A.
Coöperatieve Rabobank U.A. (Rabobank)
Credit Agricole S.A. (Crédit Agricole Group)
FBN Bank (UK) Ltd
ING Bank N.V.
Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
Natixis
Raiffeisen Bank
Société Générale S.A. (SocGen or Societe Generale)
Standard Chartered Bank PLC
United Overseas Bank Limited (UOB)

State-owned Banks

Emirates NBD Bank P.J.S.C.
Qatar National Bank Q.P.S.C. (QNB)

Receiving agencies

Private Sector

Arcadia Energy Pte Ltd

Guarantors

Private Sector

Farahead Holdings Ltd.
Farahead Investments Inc.

Loan description

Bank of China contributions to USD 275 million 2010 syndicated revolving credit facility for Arcadia Energy working capital purposes

Interest rate (t₀)•2.55625%Interest type•Variable Interest RateMaturity•0.997 years

Narrative

Full Description

Project narrative

On November 25, 2010, a syndicate of 15 banks — including the Singapore Branch of the Bank of China (BOC) — signed a $275 million USD syndicated $275 million USD revolving credit facility (RCF) with Arcadia Energy Pte Ltd — a Singapore-incorporated oil trailer and affiliate of Cyprus-domiciled Farahead Holdings — for working capital purposes. The facility was oversubscribed and upsized from $180 million USD, and proceeds were to be used for working capital purposes. The 364-day revolving credit offers a margin of 210 bps over LIBOR and was guaranteed by Farahead Holdings and Farahead Investments. BNP Paribas, Credit Agricole, ING Bank, Rabobank International, Societe Generale (Singapore) and Standard Chartered Bank served as bookrunners and each contributed USD 30 million each. ABN Amro and Bank of China (Singapore) served as mandated lead arrangers and contributed USD 20 million each. FBN Bank (UK), Natixis, Qatar National Bank (Singapore) and RZB-Austria (Singapore) lent USD 10 million apiece. Arrangers Emirates NBD PJSC (Singapore), Mega International Commercial Bank (Singapore) and United Overseas Bank rounded out the syndicate with USD 5 million each.