Bank of China contributes to $587.09 million SGD syndicated loan with Savu Investments for the acquisition of Hitachi Tower

Project narrative

In January 2008, Savu Investments Ltd entered into a share sale agreement with Malachite Land Pte Ltd (a wholly owned subsidiary of CapitaLand Limited) and the National University of Singapore as the vendors agreed to sell a 100% equity stake in Savu Investments Ltd (owner of Hitachi Tower in Singapore) for $403.5 million SGD. The acquisition was completed during the first quarter of 2008, but its precise completion date is unknown. Then, on June 2, 2008, a syndicate of six banks — the Bank of China (BOC), Société Générale S.A. (SocGen), Standard Chartered Bank plc, WestLB AG, DZ Bank AG, and First Commercial Bank — entered into a $587.09 million SGD syndicated dual-tranche loan facility agreement with Savu Investments Pte Ltd — owned by an indirect subsidiary and affiliates of Goldman Sachs— to finance the acquisition of Hitachi Tower. The loan carried a three year maturity; the "senior" tranche had an interest rate of SORA (Singapore Overnight Rate Average) plus 85 basis points and the "junior" tranche had an interest rate of SORA plus 187 basis points. Hitachi Tower (now known as 16 Collyer Quay) is a 37-story skyscraper located in Singapore's Central Business District, serving as the home to the Singapore offices of several corporations. Standard Chartered served as sole bookrunner, BOC a served as arranger, and DZ Bank and First Commercial Bank served as lead managers.