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Overview

Agricultural Bank of China contributes to a $470 million SGD syndicated green revolving credit facility to CDL Properties Ltd to refinance Republic Plaza and for on-lending to eligible green projects

Commitments (Constant USD, 2023)$50,198,229
Commitment Year•2020Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 30, 2020
Start (planned)
Jan 1, 2021
Last repayment (originally scheduled)
Dec 29, 2025

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Crédit Industriel et Commercial (CIC)
  • DBS Bank Ltd.
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Malayan Banking Berhad (Maybank)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

  • CDL Properties Ltd. (CDLP)

Loan description

Agricultural Bank of China contributes to a $470 million SGD syndicated green revolving credit facility to CDL Properties Ltd to refinance Republic Plaza and for on-lending to eligible green projects in Singapore 2020

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On December 30, 2020, a syndicate of seven banks — including Agricultural Bank of China (ABC) — entered into a $470 million SGD syndicated green revolving credit facility (RCF) agreement with CDL Properties Ltd. (CDLP) — a wholly-owned subsidiary of City Developments Limited (CDL) — to refinance Republic Plaza and for on-lending to CDL's eligible green projects. The RCF carried a maturity period of five years. In addition to ABC, the following lenders contributed to the loan syndicate: Credit Industriel et Commercial, DBS, HSBC, MUFG, Malayan Banking, and SMBC. DBS and HSBC were serving as Green Loan Advisors for the facility. The RCF were to be used to refinance debt related to Republic Plaza, constructed in 1996 and one of Singapore's tallest skyscrapers and known as a very energy efficient facility, and for on-lending to CDL's eligible green projects that would deliver social and environmental benefits to support the group’s business strategy and vision.

Staff comments

1. The individual contributions of the seven lenders to this $470 million SGD syndicated loan are unknown. Therefore, for the time being, to estimate ABC's contribution, AidData has assumed that each lender contributed equally ($67,142,857.1429 SGD) to the loan syndicate.