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Overview

Bank of China contributes to a kr10.5 billion SEK syndicated loan to Hi3G Enterprise for refinancing purposes

Commitments (Constant USD, 2023)$88,461,919
Commitment Year•2012Country of Activity•SwedenDirect Recipient Country of Incorporation•SwedenSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2012
Last repayment (originally scheduled)
Jul 1, 2015

Geospatial footprint

Map overview

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The project is provided loan for refinancing purposes to Hi3G Enterprise, which is headquartered at Entrétorget 5, 121 47 Johanneshov, Sweden. More detailed locational information can be found at: https://www.openstreetmap.org/way/703363554.

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 ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Bank of Nova Scotia (Scotiabank)
  • Barclays Bank PLC
  • Citibank, N.A.
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Danske Bank A/S
  • DBS Bank Ltd.
  • Deutsche Bank AG
  • DNB Bank ASA (formerly DnB NOR ASA)
  • Goldman Sachs Group, Inc.
  • HSBC Bank PLC
  • ING Group N.V.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Nordea Bank Abp
  • Skandinaviska Enskilda Banken AB (SEB)
  • Svenska Handelsbanken AB
  • Swedbank AB

State-owned companies

  • Swedish Export Credit Corporation (SEK)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Hi3G Enterprise AB (Hi3GE)

Guarantors

Private Sector

  • Hutchison 3G Sweden Investments S.à.r.l.
  • Investor AB

Loan description

Bank of China contributes to a kr10.5 billion SEK syndicated loan to Hi3G Enterprise for refinancing purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In early July 2012, a syndicate of 19 banks — including the Bank of China (BOC) — signed a kr10.5 billion SEK ($1.516 billion USD) syndicated term loan agreement with Hi3G Enterprise AB (Hi3GE) — a Sweden-incorporated mobile telecommunications company wholly-owned by Sweden-incorporated Hi3G Holdings AB (Hi3GH), a joint venture of Hutchison 3G Sweden Investments S.à.r.l., a Luxembourg-incorporated indirect wholly-owned subsidiary of Hong Kong-based conglomerate Hutchison Whampoa Limited (HWL) (60% equity stake) and Investor AB, a Swedish investment and holding company listed on Nasdaq Stockholm but controlled by the Wallenberg family (40% equity stake) — for refinancing purposes. This loan carried a maturity period of three years. Hutchison 3G Sweden Investments issued a guarantee for 60% of the loan and Investor AB issued a guarantee for 40% of the loan. The proceeds were to be used by the borrower to replace a kr10.5 billion SEK signed in December 2009 maturing in December 2012. In addition to BOC, the following lenders contributed to the loan syndicate: Citibank, Crédit Agricole Group, Svenska Handelsbanken AB, Nordea Bank, Skandinaviska Enskilda Banken AB (SEB), Swedbank AB, Australia and New Zealand Banking Group (ANZ), Svensk Exportkredit (Swedish Export Credit Corporation (SEK)), Barclays Bank Plc, Danske Bank A/S, DBS Bank, Deutsche Bank, DNB ASA, HSBC Bank Plc, ING Group N.V., Goldman Sachs Group Inc., JPMorgan Chase Bank, N.A., and the Bank of Nova Scotia (Scotiabank). Citibank, Crédit Agricole, Handelsbanken, Nordea, SEB, and Swedbank served as coordinating bookrunner and mandated lead arrangers. BOC, ANZ, and SEK served as bookrunners and mandated lead arrangers. Barclays, Danske Bank, DBS, Deutsche Bank, DNB, HSBC, and ING served as mandated lead arrangers. Goldman Sachs, JPMorgan and Scotiabank served as lead arrangers. The loan was oversubscribed in syndication with the lenders' commitments scaled back.

Staff comments

1. The individual contributions of the 19 lenders to this kr10.5 billion SEK syndicated loan are unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (kr552,631,578.947 SEK) to the loan syndicate.