Bank of China (Grand Cayman Branch) participates in a USD $1.5 billion syndicated loan to San Miguel Corporation in June 2013

Project narrative

On June 3rd, 2013, San Miguel Corp signed a USD $1.5 billion syndicated loan contract with thirty-three banks, including Bank of China. Bank of China's Singapore, Grand Cayman, and Manila branches collectively contributed $56 million USD to the loan syndicate as a mandated lead arranger. Mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, Maybank’s international and Philippines arms, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp took $102.5m each. The other MLABs — Australia and New Zealand Bank, Bank of America Merrill Lynch, DBS, Standard Chartered and United Overseas Bank — received allocations of $78m. Among the MLAs, Rabobank was given $80m and ING $58m. Bank of China took a total of $56m, split between its Singapore, Grand Cayman and Manila branches. Chinatrust Commercial Bank — the Hong Kong and the Philippines branches — received a combined $56m, while HSBC and its Philippines branch took $50m. Lead arranger Export Development Canada got $50m, and First Gulf Bank got $44m. The remaining amount was divided among the 17 arrangers: Taiwan Cooperative Bank got $40m, Mega International Commercial Bank $36m, Chang Hwa Commercial Bank $27m and State Bank of India $22m, while Bank of East Asia, Bank of Taiwan, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taichung Commercial Bank and Taiwan Business Bank each took $18m. KEB Asia Finance received $9m, while Korea Exchange Bank (Hong Kong) took $4m. Yuanta Commercial Bank came in with $12m, and $10m each went to Bank of Kaohsiung, Cathay Bank and E.Sun Commercial Bank. This loan carried an interest rate of USD LIBOR plus a margin of 235 bps. The loan was oversubscribed from its $1.3 billion USD target. The proceeds were to be used to repay a $1bn five year loan taken in 2012, with the remainder to be used for general corporate purposes.