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Overview

Hong Kong Branch of Bank of China provides three consecutive maturity extensions for $200 million term loan to DTC

Commitment Year•2022Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesOverseas Jurisdiction•Hong Kong (China)Sector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 24, 2022
Start (actual)
Oct 24, 2022
End (actual)
Nov 15, 2023
Last repayment (originally scheduled)
Nov 15, 2023

Geospatial footprint

Map overview

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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)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Dito Telecommunity Corporation

Loan desecription

Hong Kong Branch of Bank of China provides three consecutive maturity extensions for $200 million term loan to DTC

Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•1.11 years

Narrative

Full Description

Project narrative

Between December 2019 and October 2021, Dito Tel signed multiple loan agreements, totaling USD 1.3 billion, to provide funding for EPC services while they prepared to role out Phase 2 and 3 of the 4G/5G ready telecommunication network: - One loan with Bank of China (BOC) Manila in two tranches: one tranche for USD 30 million (Record ID#108845) and one tranche for CNY 144.2 million (Record ID#108846); - Two loans with BOC Hong Kong: one USD 250 million loan (Record ID#96069) and another USD 200 million loan (Record ID#108844); - Two loans with BOC Singapore: one USD 200 million loan (Record ID#96037) and one USD 100 million loan (Record ID#96036); - One loan with China Minsheng Banking Corp. Ltd. Shanghai Pilot Free Trade Zone Branch (CMBC) (a private bank) for USD 500 million. On October 12, 2021, Dito Tel signed a one year loan agreement with BOC Hongkong for a US$200.0 million loan facility with an interest payment based on three month and six month LIBOR plus fixed margin of 2.0% per annum. Then, on October 24, 2022, Dito Tel signed an amendment to extend the maturity of the loan facility by six months to May 26, 2023. On May 26, 2023, Dito Tel signed an amendment to extend the maturity again by 1.5 months to July 10, 2023. On July 10, 2023, Dito Tel signed a Request and Consent Letter to extend the maturity of the loan another four months to November 15, 2023. This loan was refinanced by the USD 3.9 billion syndicated loan for Phases 2 and 3 of the 4GW and 5GW Telecommunications Network Construction Project signed on November 7, 2023 (see Parent ID#2963).