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Overview

Bank of China contributes to a $190 million syndicated revolving credit facility to PT Trakindo Utama for general corporate purposes

Commitments (Constant USD, 2023)$28,064,935
Commitment Year•2013Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 8, 2013
End (planned)
Aug 9, 2018
Last repayment (originally scheduled)
Aug 7, 2018

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

  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)

State-owned Banks

  • Bank of Taiwan
  • First Gulf Bank (FGB)
  • PT Bank Mandiri (Persero) Tbk
  • PT Bank Rakyat Indonesia (Persero) Tbk

Receiving agencies

Private Sector

  • PT Trakindo Utama

Loan description

Bank of China contributions to 190 million USD syndicated revolving credit facility to PT Trakindo Utama for general corporate purposes

Grant element•13.4503%Interest rate (t₀)•3.295%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

Between August 2 and 8, 2013, a syndicate of seven banks — including the Bank of China (BOC) — entered into a $190 million USD syndicated revolving credit facility (RCF) agreement with PT Trakindo Utama — an Indonesian heavy equipment solution provider of Caterpillar machines and engines — for general corporate purposes. The RCF carried a maturity period of five years and an interest rate of LIBOR plus a margin of 290 basis points (bps). The proceeds were to be used by the borrower for general corporate purposes. OCBC Bank served as sole bookrunner, with syndication bringing Bank Mandiri and First Gulf Bank as lead arrangers, BOC, Bank of Taiwan, Commonwealth Bank of Australia, and Bank Rakyat Indonesia as participants.

Staff comments

1. A 6-month LIBOR was assumed. The average 6-month LIBOR for August 2013 was 0.39493%. Therefore, AidData has coded the interest rate as 0.39493% + 2.90% (290 bps) = 3.29493%. 2. The individual contributions of the seven lenders to this $190 million USD syndicated revolving credit facility are unknown. For the time being, to estimate BOC's contribution, AidData has assumed that each lender contributed equally ($27,142,857.14285714 USD) to the loan syndicate.