Bank of China contributes to a $1.55 billion SGD tranche of a $1.94 billion SGD syndicated loan to MGP Berth for refinancing and construction costs

Project narrative

Between June 6 and 13, 2008, a syndicate of 11 banks — including the Singapore Branch of the Bank of China (BOC) and the Singapore Branch of China Construction Bank Corporation (CCB) — entered into a $1.94 billion SGD syndicated dual-tranche lending facility agreement with MGP Berth Pte Ltd — a division of Macquarie Global Property Advisors — for refinancing and construction costs. The facility carried a maturity of 46 months (3.833 years) and an interest rate of 210 basis points over SOR. The facility was divided into two tranches: a $1.55 billion SGD senior tranche which was syndicated and a $388 million SGD junior tranche which would not be syndicated and held only by the bookrunners of the facility (which do not include BOC and CCB). The proceeds were to be used to refinance an existing $1.42 billion SGD bridge loan and to fund construction costs. Record ID#97711 captures BOC's contribution. Record ID#97712 captures CCB's contribution. In addition to BOC and CCB, members of the syndicate included bookrunners DBS Bank, Hypo Real Estate Capital, Oversea-Chinese Banking Corporation, Limited (OCBC Bank), and UOB. Other members, which joined in syndicate, included the Singapore Branch of HSH Nordbank, Natixis, the Singapore Branch of First Commercial Bank, the Singapore Branch of RHB Bank, and Indian Bank. BOC and HSH Nordbank joined as senior lead arranger sin syndication. Natixis joined as lead arranger. CCB joined as senior lead arranger. First Commercial Bank, RHB BAnk, and Indian Bank joined as lead manager.