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Overview

Bank of China provides a $75 million USD loan to Jiangsu Phoenix Publishing & Media for the acquisition of children's books publishing unit of Publications International Ltd.

Commitments (Constant USD, 2023)$76,916,489
Commitment Year•2014Country of Activity•United StatesDirect Recipient Country of Incorporation•China (People's Republic of)Sector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2014
Start (planned)
Jul 1, 2014
Start (actual)
Jul 1, 2014
End (planned)
Jul 1, 2014
End (actual)
Jul 1, 2014

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • Jiangsu Phoenix Publishing & Media Co. Ltd.

Loan description

Bank of China provides a $75 million USD loan to Jiangsu Phoenix Publishing & Media for the acquisition of children's books publishing unit of Publications International Ltd.

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around July 2014, the Bank of China (BOC) provided a $75 million USD loan to Jiangsu Phoenix Publishing & Media Co. Ltd. — a Chinese state-owned publishing company — for the acquisition of children's book department of US-based book company, Publications International Ltd. (PIL). The acquisition closed for $80 million USD. The deal represented the largest overseas merger and acquisition loan for a Chinese company at the time of the lending. The acquisition was announced in May 2014 and was expected to be completed in July 2014. Phoenix Publishing & Media planned to maintain the offices in Lincolnwood, Illinois, and retain all employees. Low Weber, founder of PIL, continued to serve as an advisor to the children's unit and to run the adult book business.