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Overview

Bank of China contributes to a $145 million SGD syndicated loan to Kian Ann Engineering for refinancing and capital expenditure purposes

Commitments (Constant USD, 2023)$29,955,742
Commitment Year•2013Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 27, 2013
Last repayment (originally scheduled)
Jun 26, 2018

Geospatial footprint

Map overview

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The purpose of this project was for the Bank of China to contribute to a $145 million SGD syndicated loan to Kian Ann Engineering for refinancing and capital expenditure purposes. More detailed locational information can be found at: https://www.openstreetmap.org/way/124524411

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • DBS Bank Ltd.
  • Malayan Banking Berhad (Maybank)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)

Receiving agencies

Private Sector

  • Kian Ann Engineering Pte Ltd

Loan description

Bank of China contributions to SGD 145 million 2013 syndicated loan for Kian Ann Engineering for refinancing and capital expenditure purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

During the week of June 21 to 27, 2013, a syndicate of four banks — the Bank of China (BOC), DBS Bank, Oversea-Chinese Banking Corporation, Limited (OCBC Bank), and Malayan Banking Berhad (Maybank) — signed a $145 million SGD syndicated loan agreement with Kian Ann Engineering Pte Ltd — a Singapore-incorporated and headquartered distributor of heavy equipment parts and diesel engines owned by South Africa's Invicta Holdings Limited — for refinancing and capital expenditure purposes. This loan carried a maturity period of five years and was divided into two tranches: a $85 million SGD term loan tranche and a $60 million SGD credit facility tranche. The proceeds were to be used by the borrower for refinancing and capital expenditure purposes. DBS and OCBC Bank served as joint bookrunners. BOC joined in syndication as a mandated lead arranger and Maybank joined in syndication as a participant.

Staff comments

1. AidData has assumed each lender contributed to each tranche. The individual contributions of the four lenders to this $145 million SGD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($36,250,000 SGD) to the loan syndicate.