Bank of China contributes to SGD 1.6 billion club lending facility to Morganite for debt refinancing, construction costs, and general corporate purposes

Project narrative

In June 2010, a group of banks -- including Bank of China -- agreed to terms on a SGD 1.6 billion club lending facility to Morganite Pte. Ltd., a Singaporean real estate developer. Proceeds of the facility will be used to refinance a SGD 2 billion credit facility signed in June 2008, alongside financing construction costs and for general corporate purposes. The loan is split into four tranches: three 4.25-year tranches of SGD 870 million, SGD 366 million, and SGD 255 million, all of which carry interest rates of 215 basis points over the Singapore dollar swap rate, and a SGD 134 million tranche carrying an interest rate of 135 basis points over the Singapore dollar swap rate. The individual contributions to the tranches are unclear. Other members of the syndicate include: Arab Bank, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, HSBC, Malayan Banking (Maybank), Natixis, OCBC, and UOB.