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Overview

ICBC contributes $12.5 million to syndicated loan for Philippines Fiber Optic Cable Network

Commitments (Constant USD, 2023)$12,896,673
Commitment Year•2020Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 10, 2020

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

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Philippine Fiber Optic Cable Network Ltd. (PFOCN)

Guarantors

Private Sector

  • HyalRoute Communication Group Limited

Loan description

ICBC contributes to $25 million to syndicated loan for Philippines Fiber Optic Cable Network in 2020

Interest type•Unknown

Narrative

Full Description

Project narrative

On January 10, 2020, ICBC co-financed a $25 million syndicated corporate facility (loan) for the Philippine Fiber Optic Cable Network Ltd. (PFOCN), a special purpose vehicle and wholly-owned subsidiary of HyalRoute Communication Group. The funds were to be used for corporate purposes associated with expanding the PFOCN's national fiber-optic infrastructure. The transaction reached financial close on the same day. Each of the two lenders, ICBC and an unidentified co-financier, provided $12.5 million.

Staff comments

1. The IJGlobal source reports that this is a $25 million corporate loan provided by ICBC and another lender to the Philippines Fiber Optic Cable Network, with financial close on January 10, 2020. Each lender is assumed to have contributed $12.5 million. 2. The borrowing terms of the loan are unknown.