Chelsea Logistics and Infrastructure Holdings Corp. secures $220 million loan from Bank of China for acquisition of stake in 2GO Group (Linked to Project ID#49832)
Commitment amount
$ 253514394.54461426
Adjusted commitment amount
$ 253514394.54
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Philippines
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On May 18, 2017, Chelsea Logistics and Infrastructure Holdings Corporation signed a $220 million (P10.9 billion) bridge loan agreement with the Bank of China. The loan carries an interest rate of LIBOR (6M rate in May 2017: 1.425%) plus a 3.2% margin and is payable in one year. The loan is secured by (i.e. collateralized with) Nenaco shares held by KGLINM, a corporate guarantee by Udenna Corp., and individual surety of spouses Dennis A. Uy and Cherylyn C. Uy. The proceeds of the loan were to be used by the borrower to facilitate the acquisition of 32% stake in an integrated transport solutions provider, 2GO Group, Inc.. As of July 2017, $120 million had been disbursed by the lender to the borrower. This bridge loan was part of a larger $3 billion financing package committed during the state visit of President Duterte to China in October 2016 (recorded in Project ID#49832).
Number of official sources
2
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Chelsea Logistics and Infrastructure Holdings Corporation [Private Sector]
Implementing agencies [Type]
Chelsea Logistics and Infrastructure Holdings Corporation [Private Sector]
Guarantee provider [Type]
Udenna Corporation [Private Sector]
Collateral
Nenaco shares held by KGLINM, a corporate guarantee by Udenna Corp. and individual surety of spouses Dennis A. Uy and Cherylyn C. Uy.
Loan Details
Maturity
1 years
Interest rate
4.625%
Grant element (OECD Grant-Equiv)
2.4109%