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Overview

Bank of China contributes $30 million USD to $150 million USD term loan tranche of $165 million USD syndicated loan to InstarAGF Asset Management for the acquisition of AMPORTS (Linked to Record ID#105373)

Commitments (Constant USD, 2023)$30,188,889
Commitment Year•2018Country of Activity•United StatesDirect Recipient Country of Incorporation•CanadaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 3, 2018
Start (actual)
Apr 3, 2018
End (actual)
Apr 3, 2018
Last repayment (originally scheduled)
Apr 3, 2025

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • ABN AMRO Bank NV
  • BankUnited, Inc.
  • ING Bank N.V.
  • Siemens Financial Services GmbH (SFS)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • InstarAGF Asset Management Inc. (InstarAGF)

Loan description

Syndicated loan to InstarAGF Asset Management for the 2018 Acquisition of Amports Project

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

On April 3, 2018, a syndicate of five lenders — including Bank of China (BOC) — provided a loan to InstarAGF Asset Management (InstarAGF)— a Toronto-based segment of Canadian investment firm AGF Management Limited — for the acquisition a 100% equity stake in logistics company AMPORTS, Inc. The deal includes two tranches, each with a maturity of seven years: a $15 million USD revolver tranche and a $150 million USD term loan tranche. The following lenders contributed to both tranches: BOC, ABN AMRO Bank, ING Bank N.V, Siemens Financial Services GmbH (SFS), and BankUnited, Inc. Record ID#105373 captures BOC's contribution to the $15 million USD revolver tranche. Each lender contributed $3 million USD. Record ID#105374 captures BOC's contribution to the $150 million USD term loan tranche. Each lender contributed $30 million USD. The proceeds of the loan were to be used by InstarAGF to purchase a 100% equity stake in AMPORTS from Lincolnshire Management. AMPORTS is a Jacksonville, Florida-based automotive services provider and port terminal operator.

Staff comments

1. The following organizations played these roles in the deal: ING Group acted as financial adviser to sponsor(s); KPMG played financial adviser to sponsor(s); McCarthy Tetrault provided legal advice to sponsor(s); Milbank acted as legal adviser to lender(s); and Morrison & Foerster provided legal advice to sponsor(s).