Bank of China (Thailand) contributes USD 15 million to USD 400 million syndicated term loan facility to VinFast for unspecified corporate purposes

Project narrative

In July 2018, a group of banks -- including Bank of China (Singapore branch), Bank of China (Thailand), and ICBC -- signed a USD 400 million syndicated term loan facility with VinFast Trading and Production, a subsidiary of Vietnamese conglomerate Vingroup Joint Stock Company, for unspecified corporate purposes. The facility has a five-year maturity and carries an interest rate of three-month LIBOR plus 350 basis points. Bank of China contributed USD 50 million (USD 35 million was allocated to the Singapore branch and USD 15 million to the Thailand branch), which is captured via Records ID #97817 and #110406. ICBC contributed USD 80 million, which is captured via Record ID #97818. Proceeds from the facility will be used to support VinFast, an automaker founded in September 2017 that is focused on producing cars, electric vehicles, and motorbikes, for unspecified corporate purposes. Other members of the syndicate and their contributions include: mandated lead arrangers and bookrunners Credit Suisse (USD 32 million), HSBC (USD 30 million), Maybank (USD 25 million), and Taipei Fubon Bank (USD 50 million). Korea Exchange Bank (USD 20 million) served as a mandated lead arranger and BNP Paribas (USD 20 million) joined as a lead arranger. Chailease Holding (USD 3 million) served as an arranger. Nine participants were each allocated USD 10 million: Bank of Panshin, Chang Hwa Bank, First Commercial Bank, Grand Capital, Hua Nan Commercial Bank, Taiwan Business Bank, Taichung Commercial Bank, Taiwan Cooperative Bank, and Taiwan Shin Kong Commercial Bank.