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Overview

Bank of China contributes $30 million USD to $325 million USD syndicated revolving credit facility in 2008 to AMB Property for general corporate purposes

Commitments (Constant USD, 2023)$42,253,383
Commitment Year•2008Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 27, 2008
Last repayment (originally scheduled)
Sep 27, 2009

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

  • Bank of Nova Scotia (Scotiabank)
  • Chang Hwa Commercial Bank Limited
  • HSBC Bank USA, N.A.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • PNC Bank, National Association
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • The Northern Trust Company
  • U.S. Bank National Association

Receiving agencies

Private Sector

  • AMB PROPERTY, L.P.

Loan description

2008 Bank of China contributions to $325 million USD syndicated revolving credit facility to AMB Property for general corporate purposes

Interest rate (t₀)•3.63%Interest type•Variable Interest RateMaturity•1.5 years

Narrative

Full Description

Project narrative

On March 27, 2008, financial close was reached on a deal in which a syndicate of 9 banks — including Bank of China — entered into a $325 million USD syndicated term loan agreement with AMB Property, L.P., a U.S.-based limited partnership specializing in logistics and industrial real estate. The maturity of the loan is approximately 1.5 years, with a final maturity date of September 27, 2009. The interest rate is LIBOR plus 1.00%. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $30 million USD to this loan, the following lenders also participated: JPMorgan Chase Bank ($70 million USD), Sumitomo Mitsui Banking Corporation ($70 million USD), HSBC Bank USA ($50 million USD), U.S. Bank National Association ($50 million USD), The Bank of Nova Scotia ($25 million USD), PNC Bank ($20 million USD), Chang Hwa Commercial Bank ($5 million USD), and The Northern Trust Company ($5 million USD).

Staff comments

1. The entirety of the 2008 loan contract can be accessed at https://ir.prologis.com/financials/sec-filings/content/0000950134-08-005868/0000950134-08-005868.pdf. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/n4zqnp0l0bikjpm9gpuf5/Source_ID_218735.pdf?rlkey=h2xfkfbrvjenklaso9eyk5t4y&st=2yjaup92&dl=0 2. AMB Property, L.P. is a U.S.-based real estate partnership affiliated with AMB Property Corporation, which was a logistics and industrial property developer headquartered in San Francisco. AMB merged with Prologis in 2011 to become the world’s largest industrial REIT. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in March 2008 and the disclosed margin of 1%,