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Overview

Bank of China contributes to $115 million SGD tranche of a $615 million SGD syndicated loan to Frasers Hospitality Asset Management Pte Ltd for its acquisition of an initial property portfolio

Commitments (Constant USD, 2023)$31,019,795
Commitment Year•2014Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 19, 2014
Last repayment (originally scheduled)
Jul 18, 2017

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

  • DBS Bank Ltd.
  • HSBC (Hong Kong and Shanghai Banking Corporation)

Receiving agencies

Private Sector

  • Frasers Hospitality Asset Management Pte Ltd

Loan description

BoC contributions to tranches of syndicated loan facilities to Frasers Hospitality Asset Management Pte Ltd for acquisition of initial property portfolio

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On July 19, 2014, a syndicate of three banks — the Singapore Branch of the Bank of China (BOC), DBS Bank, and HSBC — signed a syndicated term loan (facility) agreement worth $615 million SGD with Frasers Hospitality Asset Management Pte Ltd. The facility agreement consisted of two facilities: a $115 million SGD facility (known as "Facility A") with a 3-year maturity (final maturity date: July 14, 2017) (Record ID#108340) and a $500 million SGD facility (known as "Facility B") with a 5-year maturity (Record ID#96893). The proceeds from both facilities were to be used by the borrower to finance the acquisition of Frasers' initial property portfolio. Facility A was prepaid on July 7, 2017. Facility B was partially prepaid on November 14, 2017.

Staff comments

1. AidData is unable to ascertain the individual contributions to the facility from each member of the syndicate; therefore, equal contributions have been assumed ($115 million SGD/3 = $38,333,333.33 SGD).