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Overview

Bank of China contributes to a €250 million EUR syndicated revolver to Otto Bock HealthCare for general corporate and refinancing purposes

Commitments (Constant USD, 2023)$46,645,583
Commitment Year•2004Country of Activity•GermanyDirect Recipient Country of Incorporation•GermanySector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2004

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The project was a syndicated revolver agreement for the German healthcare firm Otto Bock Healthcare GmbH, headquarted at Max-Näder-Straße 15, 37115 Duderstadt, Germany. More detailed locational information can be found at: https://www.openstreetmap.org/way/615582254

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
  • Banque Fédérative du Crédit Mutuel (BFCM) (CM-CIC)
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Danske Bank A/S
  • Deutsche Apotheker - UND Ärztebank (ApoBank)
  • Deutsche Bank AG
  • Deutsche Postbank AG
  • Dresdner Kleinwort
  • DZ Bank AG
  • IKB Deutsche Industriebank AG
  • Sal. Oppenheim jr. & Cie. KGaA

State-owned Banks

  • LRP Landesbank Rheinland-Pfalz
  • Norddeutsche Landesbank Girozentrale (NORD/LB)

Receiving agencies

Private Sector

  • Otto Bock HealthCare GmbH

Loan description

Bank of China contributes to a €250 million EUR syndicated revolver to Otto Bock HealthCare for general corporate and refinancing purposes

Interest rate (t₀)•3%Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In December 2004, a syndicate of 14 banks — including the Bank of China (BOC) — signed a €250 million EUR syndicated revolver agreement with Otto Bock HealthCare GmbH — a German healthcare and pharmaceuticals supplier based in Duderstadt — for general corporate and refinancing purposes. This loan carried an interest rate of EURIBOR plus an initial margin of 80 basis points (bps), although with the margin linked to a net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) grid varying between 60 bps and 110 bps. The proceeds were to be used by the borrower to refinance a €125 million EUR loan signed in March 2003 and for general corporate purposes. In addition to BOC, the following lenders contributed to the loan syndicate: Commerzbank AG, Dresdner Kleinwort Wasserstein, ABN Amro Bank N.V., Danske Bank A/S, Deutsche Bank AG, DZ Bank AG, IKB Deutsche Industriebank AG, Norddeutsche Landesbank Girozentrale (NORD/LB), Sal. Oppenheim jr. & Cie. KGaA, Deutsche Apotheker und Arztebank, Deutsche Postbank, LRP Landesbank Rheinland-Pfalz, and Credit Mutuel. Commerzbank and Dresdner Kleinwort served as mandated lead arrangers. ABN AMRO served as lead arranger. Danske Bank, Deutsche Bank, DZ Bank, IKB, NORD/LB, and Sal. Oppenheim served as arrangers. BOC, Deutsche Apotheker, Deutsche Postbank, Landesbank Rheinland Pfalz, and Credit Mutuel served as co-arrangers.

Staff comments

1. The individual contributions of the 14 lenders to this €250 million EUR syndicated loan are unknown. AidData has assumed each lender has contributed equally to each tranche. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (€17,857,142.8571 EUR) to the loan syndicate. 2. A 6-month EURIBOR was assumed. The average 6-month EURIBOR for December 2004 was 2.206%. Therefore, the interest rate has been coded as 2.206% + 0.8% (80 bps) = 3.006%.