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Overview

ICBC contributes to $150 million SGD syndicated loan facility to Toll Asia for capital expenditures and the upgrade of a supply in Loyang

Commitments (Constant USD, 2023)$23,848,762
Commitment Year•2009Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2009
Last repayment (originally scheduled)
Jul 1, 2011

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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Proceeds from the loan were to be used to finance the upgrade of a supply base in the Loyang neighborhood in Singapore and for general capital expenditures. More detailed locational information can be found at https://www.openstreetmap.org/node/1556659253.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • DBS Bank Ltd.
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • United Overseas Bank Limited (UOB)

Receiving agencies

Private Sector

  • Toll (Asia) Pte. Ltd.

Loan description

ICBC contributions to SGD 150 million 2009 syndicated loan facility for capital expenditures and supply base upgrade with Toll Asia

Interest rate (t₀)•2.36125%Interest type•Variable Interest RateMaturity•2 years

Narrative

Full Description

Project narrative

In July 2009, a syndicate of six banks — including the Industrial and Commercial Bank of China (ICBC) — entered into $150 million SGD syndicated loan facility with Toll (Asia) Pte. Ltd. — a Singapore-incorporated and based logistics and transportation company and subsidiary of Australia-incorporated and based Toll Holdings Pty Limited, which is wholly owned by Japan Post Co., Ltd, which is 100% owned by Japan Post Holdings Co., Ltd. — for capital expenditures and the upgrade of a supply in Loyang. The facility carries a two-year maturity and an interest rate of 195 basis points (bps) over the Singapore dollar swap rate (SOR). Proceeds from the loan were to be used to finance the upgrade of a supply base in the Loyang neighborhood in Singapore and for general capital expenditures. Members of the syndicate included DBS, OCBC, United Overseas Bank, CTBC, ICBC, and Mega International Commercial Bank. Mandated lead arrangers could take a $25 million SGD ticket or more for fees of 55 bps, while arrangers can lend $15 million SGD-$24 million SGD for 500 bps. The status of each individual lender is unknown.

Staff comments

1. The individual contributions of the six lenders to this $150 million SGD syndicated loan are unknown. For the time being, to estimate ICBC's contribution AidData has assumed each lender contributed equally ($25,000,000 SGD) to the loan syndicate. 2. 2. AidData estimates the interest rate by adding 6-month SIBOR at the time of the commitment (0.41125%) plus the applicable margin (1.95%) equal to 2.36125%.