Nanyang Commercial Bank contributes $267.5 million USD to $535 million syndicated USD loan for refinancing of CCB loan originally issued to Dubai World (Linked to Record ID#89714 and #89670)

Project narrative

In March 2017, Nanyang Commercial Bank (NCB) — a wholly owned subsidiary of China Cinda Asset Management Corporation — and the Hong Kong Branch of China Construction Bank Corporation (CCB) entered into a $535 million USD syndicated facility (loan) agreement with the Government of Dubai’s Department of Finance (DoF) to refinance an existing CCB facility. The DoF had assumed responsibility for this CCB facility, originally a $1.03 billion USD loan to Dubai World sometime prior to November 2009, in March 2010 (as captured via Record ID#89670). NCB and CCB each contributed $267.5 million USD to the $535 million syndicated facility (loan). The facility carried a maturity of five years (final maturity date: March 2022). The proceeds of the facility (loan) were used to be used by the borrower to re-finance an existing CCB loan that matured in March 2017. Some reports suggest that the borrower was also authorized to use the loan proceeds to support local infrastructure projects. As of December 31, 2017, $64 million USD of the loan was prepaid by the borrower and the loan’s outstanding amount was $471 million. As of June 30, 2020, $131 million USD of the loan was prepaid by the borrower and the loan’s outstanding amount was $404 million USD. Record ID#89713 captures NCB's contribution. Record ID#89714 captures CCB’s contribution.