CDB provides $20 million loan Canadia Bank for agriculture (linked to #62348)

On December 13, 2010, CDB and Canadia Bank signed two loan facility agreements. The first one amounted to US$20 million and the second facility agreement amounted to 66 million RMB (see #62348). Dieter Billmeier, Canadia Bank’s vice president said they will use the loans to support endeavors in agriculture and other related areas. The US$20 million CDB loan facility agreement with Canadia Bank has an 8-year maturity and bears an annual interest rate at six-month LIBOR plus a credit spread of 4.0%. The LIBOR rate is not identified in reports, so the average 6 Month LIBOR rate from December 2010 (when the financing agreement was signed) is used in the interest rate calculation. The total interest rate is 0.458% + 4.00% = 4.458%. There's no grace period ("CanadiaBank_AnnualReport_2010_ENG.pdf" pdf p.63). As of December 31, 2010, Canadia Bank had drawn down $10 million USD from the $20 million USD facility. As of December 31, 2010, Canadia Bank had drawn down $17 million USD total from the $20 million USD facility and $470,000 from the RMB 66 million facility.

Number of official sources

4

Number of total sources

6