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Overview

Bank of China contributes to Tranche 2 of $310 million syndicated facility to Top Glove Bhd in March 2018 (Linked to Record ID#96646)

Commitments (Constant USD, 2023)$19,496,991
Commitment Year•2018Country of Activity•MalaysiaDirect Recipient Country of Incorporation•MalaysiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2018
End (actual)
Apr 1, 2018
Last repayment (originally scheduled)
Feb 28, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bangkok Bank Public Company Limited (BBL)
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Hong Leong Finance
  • Mizuho Bank, Ltd.
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • The Bank of Tokyo-Mitsubishi, Ltd. (BTM)

Receiving agencies

Private Sector

  • Top Glove Corporation Bhd

Loan description

Bank of China contributes to USD 310 million dual-tranche syndicated facility to Top Glove Bhd in March 2018

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In March 2018, Bank of China contributed to a $310 million syndicated facility agreement with Top Glove Bhd -- a Malaysian company that is the world's largest rubber glove manufacturer -- to support its RM 1.37 acquisition of Aspion Sdn Bhd (one of the largest surgical glove producers globally) from investment firm Adventa Capital Pte. Ltd. for a purchase consideration of RM 1.37 billion. The $310 million credit facility consisted of two tranches: a $155 million two-year term loan facility (captured via Record ID#96646) and a $155 million five-year murabahah facility (captured via Record ID#96647). In addition to BOC, the lenders included Citibank Bhd, Bank of Tokyo-Mitsubishi UFJ (Malaysia) Bhd, Hong Leong Bank, Mizuho Bank (Malaysia) Bhd, Sumitomo Mitsui Banking Corporation Malaysia Bhd, BNP Paribas Malaysia Bhd, and Bangkok Bank Bhd. The acquisition was completed in early April 2018.

Staff comments

1. The precise size of the contribution of BOC to the loan syndicate is unknown. For the time being, AidData assumes equal contributions to the $155 million loan ($19,375,000) across the 8 known participants in the loan syndicate.