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Overview

Bank of China contributes to a $276 million USD syndicated revolving credit facility to ECOM Agroindustrial Corp. for unspecified purposes

Commitments (Constant USD, 2023)$34,094,914
Commitment Year•2011Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•SwitzerlandSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 5, 2011
Last repayment (originally scheduled)
May 4, 2012

Geospatial footprint

Map overview

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The project was a syndicated revolving credit facility agreement with Swiss agriculture company ECOM Agroindustrial Corp Limited, headquartered at Av. Guillemin 16, 1009 Pully, Switzerland. More detailed locational information can be found at: https://www.openstreetmap.org/way/90694527

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
  • Australia and New Zealand Banking Group (ANZ)
  • Bank of East Asia Limited (BEA)
  • BNP Paribas S.A.
  • Coöperatieve Rabobank U.A. (Rabobank)
  • DBS Bank Ltd.
  • ING Group N.V.
  • KBC Group N.V.
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • RHB Capital Berhad
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • United Overseas Bank Limited (UOB)

State-owned Banks

  • PT Bank Mandiri (Persero) Tbk
  • PT Bank Negara Indonesia (Persero)

Receiving agencies

Private Sector

  • ECOM Agroindustrial Corp. Limited (EACL)

Loan desecription

2011 syndicated $276 million USD revolving credit facility from BoC and others to ECOM Agroindustrial Corp. for unspecified purposes

Interest rate (t₀)•2.177%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On or around May 5, 2011, a syndicate of banks — including the Bank of China (BOC) — signed a $276 million USD syndicated revolving credit facility (RCF) agreement with ECOM Agroindustrial Corp. Limited (EACL) — a Pully, Switzerland-based privately-held global commodity trading and processing company specializing in coffee, cotton, and cocoa — for unspecified purposes. This loan carried a maturity period of one year and an interest rate of LIBOR plus a margin of 175 basis points (bps). BOC committed $30 million USD. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: DBS Bank ($35 million USD), Standard Chartered Bank Plc ($35 million USD), Australia and New Zealand Banking Group (ANZ) ($30 million USD), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($20 million USD), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($20 million USD), Société Générale S.A. (SocGen) ($15 million USD), United Overseas Bank Limited (UOB) ($12 million USD), KBC Group N.V. ($11 million USD), ABN AMRO Bank N.V. ($10 million USD), BNP Paribas S.A. ($10 million USD), ING Group N.V. ($10 million USD), Coöperatieve Rabobank U.A. ($10 million USD), RHB Capital Berhad ($8 million USD), PT Bank Negara Indonesia (Persero) ($5 million USD), Bank of East Asia Limited (BEA) ($5 million USD), Mega International Commercial Bank of China (Mega ICBC) ($5 million USD), and PT Bank Mandiri (Persero) Tbk ($5 million USD). DBS and Standard Chartered served as bookrunners. The loan was targeted at $125 million USD before being increased in syndication.

Staff comments

1. A 6-month LIBOR was assumed. The average 6-month LIBOR for May 2011 was 0.41408%. Therefore, the interest rate has been coded as 0.41408% + 1.75% (175 bps) = 2.16408%.