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Overview

Bank of Communications contributes $5 million USD to a $110.56 million USD syndicated loan to Formosa Plastics Corporation, U.S.A. for unspecified purposes

Commitments (Constant USD, 2023)$11,250,175
Commitment Year•2003Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 9, 2003

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

  • China Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • Bank of East Asia Limited (BEA)
  • Bank SinoPac
  • Citigroup Inc.
  • Hang Seng Bank Limited
  • KBC Bank N.V.
  • The Chiba Bank, Ltd.
  • United Taiwan Bank S.A.

State-owned Banks

  • Banca Monte dei Paschi di Siena S.p.A. (MPS) (BMPS)
  • Chiyu Banking Corporation Limited

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)
  • Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))

Receiving agencies

Private Sector

  • Formosa Plastics Corporation, U.S. A. (Formosa Plastics)

Loan description

December 2009 $110.56 million USD syndicated loan to Formosa Plastics Corporation, U.S.A. for unspecified purposes in the United States

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 9, 2003, a syndicate of 12 banks — including the Hong Kong Branch of China Construction Bank (CCB), the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)), and the New York Branch of Bank of Communications (BoComm) — entered into a $110.56 million USD syndicated loan agreement with Formosa Plastics Corporation, U.S.A. (Formosa Plastics) — the United States-based wholly-owned subsidiary of Formosa Plastics Corporation, a Taiwanese plastics company producing polyvinyl chloride (PVC) resins and other intermediate plastic products that is headquartered Kaohsiung City — for unspecified purposes. The Hong Kong Branch of CCB contributed $20 million USD, as captured by Record ID#111065. ICBC (Asia) contributed $10 million USD, as captured by Record ID#111066. The New York Branch of BoComm contributed $5 million USD, as captured by Record ID#111067. In addition to the three Chinese state-owned banks, the following lenders contributed to the loan syndicate: Citigroup ($10 million USD), Bank of East Asia Limited (BEA) ($20 million USD), Bank SinoPac ($10 million USD), the Taipei Branch of KBC Bank N.V. ($10 million USD), The Chiba Bank, Ltd. ($5.56 million USD), the Hong Kong Branch of Banca Monte dei Paschi di Siena S.p.A. (MPS) ($5 million USD), Chiyu Banking Corporation ($5 million USD), Hang Seng Bank ($5 million USD), and United Taiwan Bank S.A. ($5 million USD). Citigroup served as arranger. The Hong Kong Branch of CCB and BEA served as co-arrangers. ICBC (Asia), Bank SinoPac. and KBC Bank served as co-arrangers. The New York Branch of BoComm, Chiba Bank, BMPS, Chiyu Bank, Hang Seng Bank, and United Taiwan Bank served as managers. The loan oversubscribed and increased from its $75 million USD target.