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Overview

Bank of China contributes to ¥45 billion JPY syndicated revolving facility to AMB Property Corporation to support its Japanese business operations in 2010

Commitments (Constant USD, 2023)$65,945,477
Commitment Year•2010Country of Activity•JapanDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•JapanSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2010
Last repayment (originally scheduled)
Mar 19, 2014

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)

Cofinancing agencies

Private Sector

  • Aozora Bank, Ltd.
  • Bank of Nova Scotia (Scotiabank)
  • ING Bank N.V.
  • Mizuho Bank (USA) (formerly Mizuho Corporate Bank (USA))
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

  • AMB Property Corporation

Loan description

Bank of China contributes to ¥45 billion JPY syndicated revolving facility to AMB Property Corporation to support its Japanese business operations in 2010

Interest rate (t₀)•2.31656%Interest type•Variable Interest RateMaturity•3.3 years

Narrative

Full Description

Project narrative

On December 1, 2010, financial close was reached on a deal in which a syndicate of ten banks — including Bank of China — entered into a ¥45 billion JPY syndicated loan agreement with AMB Property Corporation, a US-based leading owner, operator, and developer of global industrial real estate — for corporate financing needs in Japan. The maturity of the loan is 3 years and 3 months (with an option for a one-year extension), and the interest rate is LIBOR (Yen) plus 1.85%, with a 0.35% annual facility fee. The proceeds were used by the borrower to support its industrial real estate business in Japan and potentially expand operations, with the facility also allowing the option to add tranches in Singapore dollars and/or Hong Kong dollars in the future upon lender agreement. While Bank of China participated in this loan, the following lenders also participated: Sumitomo Mitsui Banking Corporation (arranger, administrative agent, and bookrunner), Société Générale (syndication agent), The Bank of Nova Scotia, Mizuho Corporate Bank Ltd., The Bank of Tokyo-Mitsubishi UFJ Ltd. (documentation agents), ING Bank N.V., and Aozora Bank Ltd. (managing agents).

Staff comments

1. The entirety of the loan contract is not available. 2. AMB Property Corporation was a US-based real estate investment trust (REIT) specializing in industrial properties such as warehouses and distribution centers. In 2011, it merged with ProLogis to form Prologis, Inc., which is now the largest industrial real estate company in the world. 3. AidData estimates the interest rate by adding the Yen LIBOR rate in December 2010 and an applicable margin based on AMB’s credit rating at the time (1.85%). 4. The individual contributions of the 10 lenders to this ¥45 billion JPY syndicated loan are unknown; for the time being, AidData has not applied the equal contribution doctrine.