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Overview

BOC (Manila Branch) contributes $0.74 million to a $160 million syndicated loan with Therma Power

Commitments (Constant USD, 2023)$805,456
Commitment Year•2016Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesOverseas Jurisdiction•PhilippinesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 23, 2016
End (actual)
Oct 4, 2018
Last repayment (originally scheduled)
Dec 23, 2018

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
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • DBS Bank Ltd.
  • First Commercial Bank Limited
  • HSBC Bank PLC
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • Maybank International (L) Limited
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Standard Chartered Bank PLC
  • Sunny Bank
  • Taiwan Business Bank (TBB)

State-owned Banks

  • Export-Import Bank of the Republic of China, Taipei
  • Taiwan Cooperative Bank

State-owned Commercial Banks

  • Bank of China (Hong Kong) Limited (BOCHK)
  • China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

  • Therma Power, Inc. (TPI)

Loan description

BOC, BOCHK, CCB and China Eximbank contribution to $160 million syndicated loan with Therma Power in 2016

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On December 23, 2016, Therma Power, Inc. (“TPI”) - a wholly-owned subsidiary of Aboitiz Power Corporation - entered into a syndicated loan of $160 million USD with 20 banks. The purpose of the loan is to partially finance TPI’s acquisition of indirect partnership interests in GNPower Mariveles Coal Plant Ltd. Co. (“GMCP”) and GNPower Dinginin Ltd. Co. (“GNPD”). The loan had a final maturity date of October 4, 2018. The detailed breakdown of each bank's contribution is as below. 1. Bank of China (Hong Kong) Limited, Hong Kong ($3,076,923.08 USD) (Record ID #96802) 2. Bank of China Limited, Singapore Branch ($2,338,461.54 USD) (Record ID #96804) 3. Bank of China Limited, Manila Branch ($738,461.54 USD) (Record ID #110371) 4. China Construction Bank Corporation, Hong Kong Branch ($5,907,692.31 USD) (Record ID #96805) 5. MUFG Bank, Ltd., Labuan Branch ($26,666,666.83 USD) 6. DBS Bank Ltd., Singapore ($13,332,512.74 USD) 7. The Hongkong and Shanghai Banking Corporation Limited, Hong Kong ($26,666,666.83 USD) 8. Maybank International, Labuan Branch ($13,332,512.74 USD) 9. Mizuho Bank, Ltd., Singapore Branch ($26,666,666.83 USD) 10. Standard Chartered Bank, Singapore Branch ($19,734,974.52 USD) 11. Mega International Commercial Bank Co., Ltd., Manila Branch ($1,846,153.85 USD) 12. Mega International Commercial Bank Co, Ltd., Offshore Banking Branch ($1,846,153.85 USD) 13. Chang Hwa Commercial Bank Co., Ltd., Offshore Banking Branch ($2,461,538.46 USD) 14. Taiwan Business Bank, Offshore Banking Branch ($2,461,538.46 USD) 15. First Commercial Bank, Offshore Banking Branch ($2,461,538.46 USD) 16. Taiwan Cooperative Bank, Offshore Banking Branch ($2,461,538.46 USD) 17. CTBC Bank Co., Ltd, Singapore ($2,461,538.46 USD) 18. Hua Nan Commercial Bank, Ltd., Offshore Banking Branch ($2,461,538.46 USD) 19. Sunny Bank Ltd., Taipei ($1,846,153.85 USD) 20. The Export-Import Bank of the Republic of China, Taipei ($1,230,769.23 USD) As part of this refinancing plan and to minimize interest expenses, TPI has fully repaid the medium-term loan ahead of its stated maturity date.