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Overview

Bank of China contributes to a $600 million USD syndicated loan to SMBC Aviation Capital in 2018 for general corporate purposes

Commitments (Constant USD, 2023)$46,444,444
Commitment Year•2018Country of Activity•IrelandDirect Recipient Country of Incorporation•IrelandOverseas Jurisdiction•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2018
Last repayment (originally scheduled)
Feb 28, 2023

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

  • Apple Bank for Savings Inc.
  • Australia and New Zealand Banking Group (ANZ)
  • Cathay United Bank
  • Citigroup Inc.
  • Malayan Banking Berhad (Maybank)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • SMBC Aviation Capital Limited (SMBC AC)

Loan description

Bank of China contributes to a USD 600 million syndicated loan to SMBC Aviation Capital in Ireland for general corporate purposes in 2018

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In March 2018, a syndicate of eight banks — including the Singapore Branch of the Bank of China (BOC) — entered into a $600 million USD syndicated loan agreement with SMBC Aviation Capital Limited (SMBC AC) — an Ireland-incorporated and Dublin-based aircraft leasing company jointly owned by Sumitomo Mitsui Banking Corporation (SMBC), a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG) (30% ownership stake), Sumitomo Corporation (10% ownership stake), and Sumitomo Mitsui Finance and Leasing Company, Limited (60% ownership stake) — for general corporate purposes. The loan carried a maturity period of five years and was unsecured and was divided into a $200 million USD term loan with an interest rate based on LIBOR plus a margin of 97 basis points (bps) and a $400 million USD revolving credit facility (RCF) with an interest rate based on LIBOR plus a margin of 102 bps. The proceeds were to be used for general corporate purposes. In addition to BOC, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), Citigroup Inc., Apple Bank for Savings Inc., Cathay United Bank, Malayan Banking Berhad (Maybank), Oversea-Chinese Banking Corporation, Limited (OCBC Bank), and Westpac Banking Corporation. Those eight lenders served as mandated lead arrangers and bookrunners. Citigroup served as global co-ordinator. In general syndication, five further lenders joined in general syndication. The loan was oversubscribed during its underwriting.

Staff comments

1. AidData has assumed that each lender contributed to each tranche. The individual contribution of the 13 lenders to this $600 million USD facility are unknown. For the time being, to estimate the contributions of BOC, AidData has assumed each lender contributed an equal amount ($46,153,846.1538 USD) to the syndicated facility.