Overview

Bank of China participates in $250 million syndicated loan to PT Transportasi Gas Indonesia to refinance existing indebtedness, capital expenditures, and general corporate purposes

Commitments (Constant USD, 2023)$45,933,517

Commitment Year•2010Country 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 30, 2010

Last repayment (originally scheduled): Aug 29, 2015

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

Australia and New Zealand Banking Group (ANZ)
HSBC (Hong Kong and Shanghai Banking Corporation)
Mizuho Corporate Bank, Ltd. (MHCB)
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
PT Bank HSBC Indonesia (formerly Bank Ekonomi Raharja Tbk (BAEK))
Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

PT Transportasi Gas Indonesia

Loan description

Bank of China contributions to 250 million USD syndicated loan to PT Transportasi Gas Indonesia for refinancing existing indebtedness, capital expenditures, and general corporate purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On August 30, 2010, a syndicate of seven banks — including the Bank of China (BOC) signed a $250 million syndicated loan agreement with PT Transportasi Gas Indonesia (TGI) (Transgasindo) — an Indonesian natural gas transmission company and joint venture of PT Perusahaan Gas Negara Tbk (59.87% stake), Transasia Pipeline Pvt. Ltd (40% equity stake) and the PGN Employee Welfare and Retirement Foundation (YKPP PGN) (0.13% equity) — to refinance existing indebtedness, capital expenditures, and general corporate purposes. The loan carried a maturity period of five years. HSBC served as sole bookrunner. Australia and New Zealand Banking Group (ANZ), the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Mizuho Corporate Bank (MHCB), and Sumitomo Mitsui Banking Corporation (SMBC) joined in syndication as mandated lead arrangers. BOC and Bank of Ekonomi Raharja joined in syndication as lead maangers.

Staff comments

1. The individual contributions of the 7 lenders to this $250 million USD syndicated loan are unknown. For the time being, to estimate the contributions of BOC, AidData has assumed each lender contributed equally ($35,714,285.7143 USD) to the loan syndicate. 2. PT Transportasi Gas Indonesia's core business is the transport of natural gas through a pipeline system to domestic and international markets in Indonesia. It owns and operates 1,006 kilometers of onshore and offshore gas pipelines from Grissk to Duri and from Grissk to Singapore.