Overview

Bank of China contributes $9 million to a $138 million USD syndicated loan to Hyflux for refinancing and working capital requirements

Commitments (Constant USD, 2023)$16,888,645

Commitment Year•2006Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Water Supply And SanitationFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 1, 2006

Last repayment (originally scheduled): Jul 31, 2011

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

Bank of East Asia Limited (BEA)
BNP Paribas S.A.
Bumiputra Commerce Bank (BCB) (formerly known as Commerce Asset-Holdings Berhad)
Chang Hwa Commercial Bank Limited
Coöperatieve Rabobank U.A. (Rabobank)
DBS Bank Ltd.
Hua Nan Commercial Bank, Ltd. (HNCB)
Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
United Overseas Bank Limited (UOB)

State-owned Banks

Bank of Taiwan
Land Bank of Taiwan Co., Ltd. (LBOT)
State Bank of India (SBI)

Receiving agencies

Private Sector

Hyflux Ltd.

Loan description

Bank of China contributes to USD 138 million 2006 syndicated loan facility for refinancing and working capital with Hyflux

Interest rate (t₀)•6.44313%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On August 1, 2006, a syndicate of 14 banks — including the Bank of China (BOC) (Singapore) — signed a $138 million USD syndicated loan facility with Hyflux Ltd. — a Singaporean water services company — for refinancing and working capital requirements. This loan carried a maturity period of five years and an interest rate of LIBOR plus 93 basis points (bps); the facility was divided equally into two tranches: a $69 million USD term loan tranche and a $69 million USD revolver tranche. BOC (Singapore) contributed $9 million USD as an arranger. BNP Paribas and DBS Bank served as mandated lead arrangers, each contributing $20 million USD. Bank of Taiwan and United Overseas Bank served as lead arrangers, contributing $16 million USD and $12 million USD, respectively. There were five arrangers, including Rabobank (at $11 million USD) and BOC (Singapore), Bumiputra-Commerce Bank, Land Bank of Taiwan, and OCBC, each at $9 million USD. State Bank of India committed $6 million USD and served as a lead manager. Chang Hwa Commercial Bank contributed $5 million USD. Bank of East Asia, Hua Nan Commercial Bank, and International Commercial Bank of China each contributed $4 million USD.

Staff comments

1. AidData has calculated the interest rate using the average 6-month LIBOR for August 2006, 5.482%. For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2006.aspx