Narrative
Full Description
Project narrative
Between November 2 and 8, 2007, financial close was reached on a deal in which a syndicate of 11 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a ¥14,450,000,000 JPY syndicated credit facility agreement with PF Financial Korea Limited — a South Korea-incorporated financial services company based in Seongnam, Gyeonggi — for unspecified purposes. The facility carried a maturity period of two years with a one year put-option available after the two years and an interest rate of Japanese yen-LIBOR plus a margin of 50 basis points (bps). ICBC contributed ¥600 million JPY to the loan syndicate. In addition to ICBC, the following lenders contributed to the loan syndicate: the Hong Kong Branch of Australia and New Zealand Banking Group (ANZ) (¥2.4 billion JPY), the Hong Kong Branch of DBS Bank (¥1.15 billion JPY), the Hong Kong Branch of KBC Bank N.V. (¥1.5 billion JPY), the Hong Kong Branch of Standard Chartered Bank plc (¥2.3 billion JPY), United Overseas Bank Limited (UOB) (¥2.4 billion JPY), DZ Bank AG (¥2 billion JPY), Aozora Bank, Ltd. (¥1.15 billion JPY), the Isle of Man Branch of Barclays Capital (¥350 million JPY), the Hong Kong Branch of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (¥300 million JPY), and the Offshore Banking Branch of Chang Hwa Commercial Bank Limited (¥300 million JPY), The Hong Kong Branch of ANZ, the Hong Kong Branch of DBS Bank, the Hong Kong Branch of KBC Bank, and the Hong Kong Branch of Standard Chartered Bank served as original mandated lead arrangers and bookrunners. UOB served as mandated lead arranger. DZ Bank and Aozora joined as arrangers. ICBC joined as lead manager. The Isle of Man Branch of Barclays Capital, the Hong Kong Branch of BBVA, and the Offshore Banking Branch of Chang Hwa joined as managers. The loan was oversubscribed and increased from its ¥12 billion JPY target.