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Overview

Bank of China contributes $50 million SGD to a $200 million SGD syndicated loan to IOI Properties (Singapore) for unspecified purposes

Commitments (Constant USD, 2023)$45,188,963
Commitment Year•2011Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 26, 2011
Start (actual)
May 26, 2011
End (actual)
May 26, 2011
Last repayment (originally scheduled)
May 25, 2013

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

  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

  • IOI Properties (Singapore) Pte Ltd

Loan description

Bank of China contributes SGD 50 million to SGD 200 million syndicated loan to IOI Properties (Singapore) for unspecified purposes in 2011

Interest rate (t₀)•0.81933%Interest type•Variable Interest RateMaturity•2 years

Narrative

Full Description

Project narrative

Circa May 26, 2011, a syndicate of four banks — the Bank of China (BOC), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank, Ltd. — entered into a $200.0 million SGD ($160.5 million USD) syndicated term loan agreement with IOI Properties (Singapore) Pte Ltd — the Singapore-incorporated and based 99.8% subsidiary of Malaysian palm oil producer and property development conglomerate IOI Corporation Berhad — for unspecified purposes. This loan carried a maturity period of two years (24 months) from its drawdown and a floating interest rate based on the Singapore Dollar Swap Offer Rate (SOR) plus a margin of 0.50% per annum. The loan was fully drawn in May 2011. BOC contributed $50 million SGD, BTMU contributed $60 million SGD, SMBC contributed $55 million SGD, and Mizuho contributed $35 million SGD.

Staff comments

1. While the specific borrowing institution is unnamed, it is known it was a foreign incorporated subsidiary of IOI Corporation and was the Singapore-based property subsidiary. Therefore, AidData has assumed that IOI Properties (Singapore) Pte Ltd was the specific borrower. 2. AidData estimates the interest rate by adding the 6-month average SIBOR rate at the time of commitment (0.31933%) plus the applicable margin (0.5%).