Narrative
Full Description
Project narrative
On October 8, 2001, ICBC and five other banks agreed to a SGD 230 million loan facility with United Engineers Limited (UEL), a Singaporean holding company, property owner, and developer. The facility consists of two tranches, a SGD 185 million transferable term loan (captured in Record ID#95231) and a SGD 45 million revolving credit facility (captured here). Both tranches have five-year maturities; other details of the loan are unclear. The facility will be used to refinance UEL's existing debt, as well as general working capital requirements. Other members of the syndicate include Oversea-Chinese Banking Corporation Bank (as Co-ordinating Arranger), Credit Industriel et Commercial, Westdeutsche Landesbank Girozentrale, Development Bank of Singapore, and Bayerische Landesbank Girozentrale.
Staff comments
1. AidData has assumed that ICBC contributed to each tranche. 2. As AidData is unable to ascertain specific contributions from each participant in the syndicate, it has assumed that each made an equal contribution (SGD 7,500,000).