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Overview

China Bank of Communications contributes $10 million USD to $1.8 billion USD syndicated loan facility to Toll Brothers and First Huntington Finance for general corporate purposes in 2006

Commitments (Constant USD, 2023)$18,765,161
Commitment Year•2006Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 17, 2006
Last repayment (originally scheduled)
Mar 16, 2011

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

  • China Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • Bank Hapoalim B.M.
  • Bank of America, N.A.
  • BBVA USA (formerly BBVA Compass or Compass Bank, now PNC Financial Services)
  • BNP Paribas S.A.
  • Citicorp North America, Inc.
  • Comerica Bank
  • Commerce Bank, N.A. (now part of TD Bank, N.A.)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Fifth Third Bank
  • First Commercial Bank Limited
  • Guaranty Bank & Trust
  • HSBC Bank USA, N.A.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • KBC Bank N.V.
  • LaSalle Bank, N.A.
  • Manufacturers and Traders Trust Company
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Mizuho Bank (USA) (formerly Mizuho Corporate Bank (USA))
  • Natexis Banques Populaires
  • Norinchukin Bank (Nochu Bank)
  • North Fork Bank
  • PNC Bank, National Association
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • SunTrust Bank
  • The Northern Trust Company
  • Wachovia Bank, N.A.
  • Washington Mutual Bank (now part of JPMorgan Chase)

State-owned Banks

  • California Bank & Trust
  • Royal Bank of Scotland (RBS)

State-owned Commercial Banks

  • Hypo Real Estate Capital

Receiving agencies

Private Sector

  • First Huntington Finance Corporation
  • Toll Brothers, Inc..

Loan description

China Bank of Communications contributes to $1.8 billion USD syndicated loan facility to Toll Brothers and First Huntington Finance for general corporate purposes in the United States in 2006

Interest rate (t₀)•5.505%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On March 17, 2006, financial close was reached on a deal in which a syndicate of 31 banks — including Bank of Communications — entered into a $1.8 billion USD syndicated loan agreement with Toll Brothers Inc., a luxury home construction company based in the United States, and its wholly owned subsidiary First Huntington Finance Corporation — for general corporate purposes. This loan was divided into two tranches: a $1.5 billion USD revolving credit facility and a $300 million USD term loan facility. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes — this typically includes funding day-to-day operations, refinancing existing debt, and pursuing strategic growth initiatives. While Bank of Communications contributed $10 USD to this loan, the following lenders also participated: JPMorgan Chase Bank, N.A. ($160,000,000.00 USD), Bank of America, N.A. ($160,000,000.00 USD), Citicorp North America, Inc. ($160,000,000.00 USD), The Royal Bank of Scotland, plc ($160,000,000.00 USD), Wachovia Bank, National Association ($160,000,000.00 USD), BNP Paribas ($100,000,000.00 USD), Calyon New York Branch ($100,000,000.00 USD), Comerica Bank ($75,000,000.00 USD), Mizuho Corporate Bank, Ltd. ($75,000,000.00 USD), Washington Mutual Bank, FA ($75,000,000.00 USD), Natexis Banque Populaires ($50,000,000.00 USD), North Fork Bank ($50,000,000.00 USD), Sumitomo Mitsui Banking Corporation ($50,000,000.00 USD), SunTrust Bank ($50,000,000.00 USD), Commerce Bank, N.A. ($40,000,000.00 USD), Fifth Third Bank ($35,000,000.00 USD), LaSalle Bank National Association ($35,000,000.00 USD), Manufacturers and Traders Trust Company ($35,000,000.00 USD), HSBC Bank USA, N.A. ($25,000,000.00 USD), PNC Bank, National Association ($25,000,000.00 USD), Compass Bank ($20,000,000.00 USD), First Commercial Bank, New York Agency ($20,000,000.00 USD), Guaranty Bank ($20,000,000.00 USD), HYPO Real Estate Capital Corporation ($20,000,000.00 USD), International Commercial Bank of China New York Agency ($20,000,000.00 USD), California Bank and Trust ($15,000,000.00 USD), KBC Bank NV ($15,000,000.00 USD), The Norinchukin Bank, New York Branch ($15,000,000.00 USD), The Northern Trust Company ($15,000,000.00 USD), and Bank Hapoalim B.M. ($10,000,000.00 USD).

Staff comments

1. The entirety of the loan contract can be accessed at https://www.lawinsider.com/contracts/dG8BivgrFv9 2. Toll Brothers, Inc. is a U.S.-based luxury home construction company headquartered in Fort Washington, Pennsylvania. It was founded in 1967 and primarily builds residential communities across the United States, specializing in upscale homes and active adult living communities. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in March 2006 and an applicable margin based on credit ratings (BBB or 0.475%).