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Overview

Bank of China (Seoul) contributes $15 million USD to a $200 million USD syndicated loan to the Industrial Bank of Korea for refinancing and general corporate purposes

Commitments (Constant USD, 2023)$17,047,457
Commitment Year•2011Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaOverseas Jurisdiction•KoreaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 23, 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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Chang Hwa Commercial Bank Limited
  • Cosmos Co-operative Bank Ltd.
  • E.SUN Commercial Bank, Ltd.
  • Far Eastern International Bank (FEIB)
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • NTT Finance Corporation
  • Taipei Fubon Commercial Bank Co., Ltd. (Taipei Fubon Bank)
  • Taiwan Business Bank (TBB)
  • The Shanghai Commercial & Savings Bank, Ltd. (SCSB)
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

State-owned Banks

  • Bank of Taiwan
  • Export-Import Bank of the Republic of China, Taipei
  • Land Bank of Taiwan Co., Ltd. (LBOT)

Receiving agencies

State-owned Banks

  • Industrial Bank of Korea (IBK)

Loan description

Bank of China (Seoul) contributes to a USD $200 million syndicated loan to the Industrial Bank of Korea for refinancing and general corporate purposes in 2011

Interest rate (t₀)•1.135%Interest type•Variable Interest RateMaturity•1.5 years

Narrative

Full Description

Project narrative

On March 23, 2011, a syndicate of 15 lenders — including the Seoul Branch of the Bank of China — entered into a $200 million USD syndicated loan agreement with Industrial Bank of Korea (IBK) for refinancing and general corporate purposes. The facility is comprised of two tranches: a $50 million USD revolver tranche which carried maturity period of one year and an interest rate of 65 basis points (bps) over LIBOR and a $150 million USD revolver tranche with a maturity period of two years and was priced 70 bps over LIBOR. The facility was oversubscribed from $150 million USD to $200 million USD during syndication. BOC (Seoul) contributed $15 million USD to and acted as lead arranger on the facility. In addition to BOC, the following lenders contributed the following amounts and played these roles: Bank of Tokyo-Mitsubishi UFJ (now MUFG Bank) ($65 million USD, sole bookrunner); NTT Finance Corporation (Asia) ($30 million USD, mandated lead arranger); Unicredit Bank (Hong Kong) ($15 million USD, lead arranger); Bank of Taiwan (Hong Kong) ($10 million USD); Land Bank of Taiwan (Offshore Banking) ($10 million USD); Mega International Commercial Bank (Labuan) ($10 million USD); Taipei Fubon Commercial Bank ($10 million USD); Chang Hwa Commercial Bank (Singapore) ($5 million USD, arranger); Cosmos Co-operative Bank ($5 million USD, arranger); E.SUN Commercial Bank (Offshore Banking) ($5 million USD, arranger); Export-Import Bank of the Republic of China ($5 million USD, arranger); Far Eastern International Bank ($5 million USD, arranger); Shanghai Commercial & Savings Bank (Offshore Banking) ($5 million USD, arranger); Taiwan Business Bank ($5 million USD, arranger). The proceeds of the loan were to be used by IBK for refinancing and general corporate purposes.

Staff comments

1. Given that it is unclear which of the tranches BOC contributed to, AidData has calculated the maturity period of the record as the average of the maturities of both tranches ([1 year + 2 years] / 2 = 1.5 years). 2. Given that it is unclear which of the tranches BOC contributed to, AidData has calculated the interest rate of the record as the average of the interest of both tranches ([65 bps+ 70 bps] / 2 =67.5 bps).