Bank of China contributes $26 million to $1 billion syndicated loan to South African Reserve Bank (Linked to Record ID#72470, #72435, #72436)

Project narrative

On June 16, 2003, a syndicate of 27 banks, including the Bank of China (BOC) and China Construction Bank (CCB), signed a $1 billion dual-currency loan facility agreement with the South African Reserve Bank (SARB). Of the total amount, $500 million of the loan proceeds were used to repay a maturing $500 million gold-denominated term loan facility and the remaining $500 million was added to the SARB foreign exchange reserves. The borrowing terms included a 3-year maturity and 1.798% interest rate (3-month LIBOR plus 67.5 basis points). The borrower was able to draw down on the $1 billion loan in USD and/or EUR. The syndicate was made up of three types of lenders that committed differing amounts. Mandated Lead Arrangers committed $47.5 million, Co-Arrangers committed $26 million, and Lead Managers commitment USD 14.5 million. As Co-Arrangers, Bank of China (BOC) and China Construction Bank (CCB) each committed USD 26 million. Record ID#72468 captures BOC's contribution. Record ID#72470 captures CCB’s contribution. On July 18, 2005, the South African Reserve Bank (SARB) borrowed another $1.5 billion to repay this $1 billion dual-currency loan facility agreement dated June 16, 2003 (see Record ID#72468 and #72470) and Tranche B of a dual-currency loan facility agreement dated July 9, 2002 (see Record ID#72472 and #72493).