Narrative
Full Description
Project narrative
On or around October 21, 2022, a syndicate of 20 lenders — including the Seoul Branch of the Agricultural Bank of China (ABC) and the Asia Branch of the Industrial and Commercial Bank of China (based in Hong Kong) — entered into a $300 million USD loan agreement with the Industrial Bank of Korea (IBK) for unspecified purposes. The loan carried an interest rate of 89 basis point (bps) over SOFR and was to be repaid as a bullet. The deal was oversubscribed from $150 million USD to $300 million USD during syndication. Record ID#110258 captures ABC (Seoul)'s $18 million USD contribution to the $300 million USD facility. Record ID#110259 captures ICBC (Asia)'s $28 million USD contribution to the syndicate. Both ABC and ICBC acted as mandated lead arrangers (MLA) on the deal. In addition to ABC and ICBC, the following lenders contributed these amounts to and played these roles on the syndicate: Mizuho Bank ($10 million USD, sole bookrunner); Fubon Bank (Hong Kong) ($18 million USD, MLA); Taipei Fubon Commercial Bank ($15 million USD, MLA); Yuanta Commercial Bank (and its Hong Kong Branch) ($9 million USD each, MLA); CTBC Bank ($18 million USD, MLA); Hua Nan Commercial Bank (Hong Kong) ($18 million USD, MLA); Shanghai Commercial and Savings Bank ($18 million USD, MLA); Chang Hwa Commercial Bank (Singapore) ($16 million USD, lead arranger); Bank of Taiwan (Tokyo) ($14 million USD, lead arranger); Export-Import Bank of the Republic of China ($14 million USD, lead arranger); Mega International Commercial Bank (Hong Kong) ($14 million USD, lead arranger); National Bank of Kuwait (Singapore) ($14 million USD, lead arranger); Shanghai Pudong Development Bank (Hong Kong) ($14 million USD, lead arranger); Taishin International Bank ($14 million USD, lead arranger); Taiwan Business Bank (Hong Kong ) ($14 million USD, lead arranger); Taiwan Cooperative Bank ($14 million USD, lead arranger); and First Commercial Bank ($11 million USD, arranger).