Overview

ICBC contributes $62.5 million to a $500 million revolver to Mirana Megatara (Linked to Record ID#96783, 96785, 96786)

Commitments (Constant USD, 2023)$71,031,072

Commitment Year•2011Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 12, 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

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Coöperatieve Rabobank U.A. (Rabobank)
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
PT Bank OCBC Indonesia

State-owned Banks

Indonesia Eximbank
Korea Development Bank (KDB)

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

PT Kirana Megatara Tbk

Loan description

ICBC contributes $62.5 million to a $500 million revolver to Mirana Megatara

Interest type•Unknown

Narrative

Full Description

Project narrative

Between August 12-18, 2011, Kirana Megatara obtained a $600 million dual-tranche financing through book-runners Bank CIMB Niaga, Bank Permata, HSBC, and Standard Chartered. The transaction comprises a $500 million three-year revolver and a $100 million five-year term loan. The revolver offers a margin of 470bp and 420bp over Sibor for onshore and offshore lenders respectively while the term loan is priced at 500bp and 450bp over Sibor for onshore and offshore lenders respectively. Syndication saw Bank of China, Bank of Tokyo-Mitsubishi UFJ, ICBC, OCBC NISP, Rabobank, Export-Import Bank of Indonesia, Korea Development Bank, and OCBC join in at lower tiers. The proceeds are for working capital and capital expenditure purposes. BOC's contribution to the three-year revolver is recorded in Record ID#96783. ICBC and BOC's contributions to the five-year term loan are recorded in Record ID#96785 and Record ID#96786.

Staff comments

1. Individual contribution amounts are unclear. For the time being, Aiddata assumes equal contributions from the eight banks.