Overview

China Construction Bank participates in USD 430 million syndicated revolving credit facility for Hengyuan Refining Company (Linked to Record ID#106733)

Commitments (Constant USD, 2023)$72,117,900

Commitment Year•2018Country of Activity•MalaysiaDirect Recipient Country of Incorporation•MalaysiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 22, 2018

Start (planned): Feb 1, 2018

End (planned): Feb 1, 2023

Last repayment (originally scheduled): Jan 22, 2019

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

China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

AmBank Group
Malayan Banking Berhad (Maybank)

Receiving agencies

Private Sector

Hengyuan Refining Company Berhad

Loan description

China Construction Bank contributes to a USD 430 million total dual-tranche syndicated loan and syndicated revolving credit facility for Hengyuan Refining Company in Malaysia 2018

Grant element•2.9269%Interest rate (t₀)•3.5255%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•1 years

Narrative

Full Description

Project narrative

On January 22, 2018, the Hengyuan Refining Company Berhad (HRC) entered into bilateral agreements with the China Construction Bank, AmBank Berhad, and MayBank International for financing facilities totaling USD 430 million. This agreement consisted of a syndicated term loan and a revolving credit facility (RCF). The borrowings from the RCF were short-term and carried a one-year maturity from the date of borrowing. Both the term loan and RCF carried an interest rate of LIBOR + 1.6% per annum. The RCF was used to refinance existing term loans and to support working capital needs.

Staff comments

1. China Construction Bank's contribution to the syndicate is unknown. For the time being, AidData assumes an equal contribution of USD 71,666,666.