Bank of Communications contributes $5 million SGD to $260 million SGD syndicated loan to RCMS Properties for refinancing and working capital purposes

Project narrative

On July 5, 2006, a syndicate of 13 banks — including the Singapore Branch of Bank of China (BOC), the Singapore Branch of the Agricultural Bank of China (ABC), and Bank of Communications (BoComm) — signed a $260 million SGD syndicated dual-tranche loan facility with RCMS Properties, Pte. Ltd. — a Singapore-incorporated and based property developer — for refinancing and working capital purposes. The facility carried a maturity of five years with two tranches: a $135 million SHD transferable term portion and a $125 million SGD term loan, both carrying an interest rate of 75 basis points (bps) over the Singapore dollar swap offer rate (SOBR). The proceeds from the facility were to be used to refinance an existing facility signed in October 2002 and for working capital purposes. BOC contributed $38 million SGD as captured via Record ID#97739. ABC contributed $13 million SGD as captured via Record ID#97740. BoComm contributed $5 million SGD as captured via Record ID#97741. Joint mandated coordinating arrangers BNP Paribas and OCBC each contributed $60 million SGD. The lead arrangers, including Malayan Banking, Bank of China (Singapore), and Bank of East Asia, provided $38 million SGD, $38 million SGD, and $16 million SGD, respectively. Other participating banks such as Agricultural Bank of China (Singapore), Bank of Taiwan (Singapore), and Industrial Bank of China (Singapore) contributed $13 million SGD, $13 million SGD, and $9 million SGD, respectively. Additionally, Chang Hwa Commercial Bank, First Commercial Bank, International Commercial Bank of China (Singapore), and Land Bank of Taiwan (Singapore) joined as lead arrangers with $6.5 million SGD each. Bank of Communications participated as an arranger with a commitment of $5 million SGD.