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Overview

Bank of China contributes to a €20 million EUR syndicated loan to Prodware to finance its new offerings

Commitments (Constant USD, 2023)$11,603,038
Commitment Year•2015Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2015
Last repayment (originally scheduled)
May 30, 2020

Geospatial footprint

Map overview

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The project was a syndicated loan agreement with French software company Prodware S.A., headquartered at 45 Quai de la Seine, 75019 Paris, France. More detailed locational information can be found at: https://www.openstreetmap.org/way/759539867

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

  • Banque Internationale à Luxembourg S.A. (BIL)

Receiving agencies

Private Sector

  • Prodware S.A.

Loan desecription

2015 syndicated €20 million EUR loan from BoC to Prodware to finance its new offerings

Interest rate (t₀)•2.2%Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In June 2015, a syndicate of two banks — the Bank of China (BOC) and Banque Internationale à Luxembourg S.A. (BIL) — entered into a €20 million EUR syndicated loan agreement with Prodware S.A. — a France-incorporated and based software company — to finance its new offerings. This loan carried a maturity period of five years with an option to extend the maturity of the debt and an average interest rate of 2.2%. The proceeds were to be used by the borrower's new offerings, namely the acceleration of digital transformation of Prodware services and the creation of new consulting services and recruitment of dedicated experts. Record ID#104656 captures BOC's contribution. In February 2016, a syndicate of two banks — BOC and BIL — entered into a €29 million EUR senior syndicated loan agreement with Prodware S.A. — a France-incorporated and based software company — for refinancing and general corporate purposes. This loan was part of a €79 million EUR Euro Private Placement (PP) sole arranged by BIL, with a €25 million EUR seven-year unlisted bond by Novo 2, a €10 million EUR bond bought by Zen Cap, and a €15 million EUR bond bought by Federis. The entire PP carried a bullet repayment plan, ranked pari passau, and was secured (i.e. collateralized). The proceeds were to be used by the borrower to refinance all of its existing bank and bond debt (presumably including the €20 million EUR loan) and for general corporate purposes. Record ID#104657 captures BOC's contribution.

Staff comments

1. The individual contributions of the two lenders to this €20 million EUR syndicated loan syndicated loan are unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (€10,000,000 EUR) to the loan syndicate.