Bank of China participates in USD 1.39 billion syndicated loan to Reliance Industries for refinancing purposes

Project narrative

On November 20, 2015, a syndicate of over 30 banks — including the Bank of China (BOC) — a USD 1.39 billion syndicated loan agreement with Reliance Industries. The dollar-denominated loan was one tranche of the USD 2.18 billion total loan. The other tranche was denominated in yen, and was worth JPY 9.76 billion (USD 79 million). Bank of China contributed USD 50 million and participated as a Mandated Lead Arranger. The dollar denominated tranche carried an interest rate of 84.5 basis points over the USD LIBOR. The loan term was 43 months (3.583 years). The loan was to be used to refinance a USD 1.5 million dollar raised by Reliance in 2012. Australia and New Zealand Banking Group, Bank of America Merrill Lynch, Barclays, Bank of Nova Scotia Asia, BNP Paribas, Crédit Agricole, DBS Bank, HSBC, National Bank of Abu Dhabi, Standard Chartered, United Overseas Bank, and Westpac all participated as Mandated Lead Arrangers and Bookrunners (MLAB), and each contributed USD 75 million. Bank of Tokyo-Mitsubishi UFJ contributed USD 86.1 million and served as an MLAB. Citi and Mizuho Bank were also MLABs and each contributed USD 91.98 million. Sumitomo Mitsui Banking Corp was the final MLAB and contributed USD 72.79 million to the dollar tranche. Bank of China and Export Development Bank of Canada were both Mandated Lead Arrangers (MLA) and contributed USD 50 million. Hua Nan Commercial bank was a co-lead arranger and contributed USD 20 million. Mega International Commercial Bank, Chugoku Bank, and Export-Import Bank of the Republic of China each participated as lead arrangers and contributed USD 10 million, 9.5 million, and 8 million respectively.