Narrative
Full Description
Project narrative
In November 2007, a group of 15 banks, including Bank of China, signed a SGD 473.85 million term loan agreement with Savu Properties for unspecified corporate purposes. The loan carries a maturity of three years and an interest rate of LIBOR plus 65 basis points. Individual contributions to the loan were unclear, however "Arrangers" were said to have lent between SGD 20 million and 29 million. Standard Chartered served as sole bookrunner. Mandated lead arrangers are BNP Paribas, Banque Fédérative du Crédit Mutuel, CIMB Group, Great Eastern Life Assurance, OCBC, Société Générale, Scotia Capital, Sumitomo Mitsui Banking Corp and UOB. Arrangers are Bank of China, Bank of Taiwan, Chang Hwa Commercial Bank, DZ Bank and RHB Investment Bank.
Staff comments
1. While AidData is unable to ascertain specific contributions to the loan facility by each of the banks, a source ("East Asia Syndicated Loans...") indicates that "Arrangers" to the loan facility contributed between SGD 20 million and 29 million. Therefore, AidData has conservatively estimated Bank of China's contribution at SGD 20 million. This issue warrants further investigation. 2. The interest rate has been calculated using the average 6-month LIBOR for November 2007, 4.832%. For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2007.aspx