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Overview

Manila Branch of Bank of China provides four consecutive maturity extensions for dual tranche loan to DTC

Commitment Year•2020Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesOverseas Jurisdiction•PhilippinesSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 27, 2020
Start (actual)
Oct 27, 2020
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 description

Manila Branch of Bank of China provides four consecutive maturity extensions for dual tranche loan to DTC

Interest type•Variable Interest RateMaturity•3.04 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 27, 2020, Dito Tel signed a one year loan agreement with BOC Manila for a two tranche — USD 30 million and a CNY 144.2 million — loan facility. Interest payment is based on three month and six month LIBOR plus fixed margin of 1.9% per annum and three month and six month HIBOR plus fixed margin of 1.8% per annum for USD and CNY tranches, respectively. On October 19, 2021, Dito Tel signed an amendment to extend the maturity of the loan by ten months to August 20, 2022. Then, on August 17, 2022, Dito Tel signed a second amendment to extend the maturity of the loan by nine months to May 26, 2023. Then, on May 26, 2023, Dito Tel signed an amendment to extend the maturity of the loan again by 1.5 months to July 10, 2023. Finally, on July 10, 2023, Dito Tel signed a Request and Consent Letter which extends the maturity of the loan by 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).