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Overview

Bank of Communications contributes to $838 syndicated loan for purchase of four 12,000 TEU newbuild vessels and four 15,000 TEU newbuild vessels (linked to Record ID#104574)

Commitments (Constant USD, 2023)$85,851,386
Commitment Year•2021Country of Activity•Marshall IslandsDirect Recipient Country of Incorporation•Marshall IslandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 23, 2021
Last repayment (originally scheduled)
Dec 20, 2033

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

  • China Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.
  • Citibank, N.A.
  • Deutsche Bank AG
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • ING Bank N.V.
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Seaspan Corporation

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan description

BoCom and BOC contribution to $838 syndicated loan for purchase of four 12,000 TEU newbuild vessels and four 15,000 TEU newbuild vessels

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

On December 23, 2021, Seaspan Corporation — a leading container subsidiary of NYSE-listed Atlas Corporation that is legally incorporated in the Marshall Islands — signed an $838 million, 12-year syndicated loan agreement with a group of Chinese and non-Chinese banks to facilitate the purchase of four 12,000 TEU newbuild vessels and four 15,000 TEU newbuild vessels. Participants in the syndicate include the Hongkong and Shanghai Banking Corporation Limited (HSBC), Standard Chartered Bank, Bank of China Limited (Record ID#104574), Citibank, N.A., Deutsche Bank AG, Societe Generale, Bank of Communications (recorded in this project), BNP Paribas, and ING Bank, N.V. HSBC acted as ECA Agent, Global Coordinator and Lead Bookrunner; Citibank, N.A., Deutsche Bank AG, HSBC, Societe Generale, Bank of China Limited, BNP Paribas, and ING Bank, N.V., acted as Mandated Lead Arrangers and as Bookrunners; Bank of Communications acted as Lead Arranger; and Standard Chartered Bank acted as Arranger. The borrowing terms of the loan are unknown. However, it is known that the loan is supported by a credit insurance policy.

Staff comments

1. The individual contributions of the syndicate participants are unknown. For the time being, AidData assumes equal contributions ($93.11 million) across the nine known members of the syndicate. 2. FPG-AIM acted as JOLCO Arranger, and FPG acted as JOLCO Equity Underwriter. Watson Farley Williams acted as lenders counsel, in conjunction with Jun He. White & Case advised FPG, and Squire Patton Boggs acted for Seaspan Corporation.