Overview

Bank of China contributes to $520 million SGD syndicated secured loan to Prime Asset Holdings in 2016

Commitments (Constant USD, 2023)$102,664,906

Commitment Year•2016Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 1, 2016

Last repayment (originally scheduled): Mar 31, 2021

Geospatial footprint

Map overview

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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

DBS Bank Ltd.
Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
United Overseas Bank Limited (UOB)

Receiving agencies

Private Sector

Prime Asset Holdings Ltd.

Loan description

Bank of China contributes to SGD 520 million syndicated secured loan to Prime Asset Holdings for refinancing in 2016

Interest type•UnknownMaturity•5 years

Collateral

The loan facilities were secured by security over the retail and office components of the Parkway Parade Property in Singapore.

Narrative

Full Description

Project narrative

In April 2016, financial close was reached on a deal in which a syndicate of 4 banks — including Bank of China (Singapore Branch) — entered into a $520 million SGD syndicated secured loan agreement with Prime Asset Holdings Ltd. — a Singaporean real estate company. The financing was arranged to refinance the company's existing loan facilities. The loan has a maturity of 5 years. While Bank of China (Singapore Branch) contributed to the loan, other banks also contributed: DBS Bank Ltd, Oversea-Chinese Banking Corp Ltd, and United Overseas Bank Ltd. The loan facilities were secured by the retail and office components of the Parkway Parade Property in Singapore.

Staff comments

1. Prime Asset Holdings Limited is a Singaporean company that owns and operates a shopping mall. The Mall offers food and beverage, convenience and electric specialty mix, supermarket, hypermarket, homeware, medical, dental clinics, childcare center, and other related stores. 2. The individual contribution of the 4 lenders to this $520 million SGD syndicated loan are unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($130 million SGD) to the loan syndicate. 3. Allen & Gledhill advised the 4 lenders on this loan.