Bank of China contributes SGD 2.8 billion to a SGD 3.2 billion syndicated loan to Tuas Power Generation PTE, Ltd. to refinance a SGD 2.25 billion loan for the acquisition of Tuas Powers (Linked to Record ID#94627)

Project narrative

On September 21, 2009, Bank of China and China Construction Bank agreed to loan SGD 3.2 billion to Singapore's Tuas Power Generation PTE, Ltd. a wholly-owned subsidiary of Huaneng Power International, Inc for the purpose of refinancing a SGD 2.25 billion loan (from non-Chinese creditors) that was used to acquire a 100% ownership stake in Tuas Power Ltd. from Temesak. Various branches of Bank of China Limited contributed a total of SGD 2.8 billion to the loan (captured here), with various branches of China Construction Bank Corporation contributing SGD 400 million (captured in Record ID#94627). The loan has a maturity of 2 years, with Huaneng Power International, Inc. issuing a corporate repayment guarantee to Bank of China and China Construction Bank in support of the loan. The proceeds of the loan were to be used to refinance a non-recourse, 18-month bridge loan of S$2.25 billion (approximately HK$12.877 billion or US $1.54 billion) from a group of 10 banks (including Commonwealth Bank of Australia, BNP Paribas, Calyon, DBS, Fortis, OCBC, Sumitomo Mitsui Banking Corp., Bank of Tokyo-Mitsubishi UFJ and United Overseas Bank) for the purpose of acquiring 100% ownership stake in Tuas Power Ltd. from Temesak (Singapore's state-owned investment firm).