Bank of China contributes to $1.2 billion syndicated term loan facility to San Miguel for debt refinancing (Linked to Project ID#97870)

In September 2007, a syndicate of banks -- including Bank of China and China CITIC Bank International -- reached financial close with San Miguel, a food and drinks company, on a USD 1.2 billion syndicated term loan facility for debt refinancing. This loan carried a maturity period of five years and an interest rate of LIBOR plus 85 basis points, and then after six months to be adjusted based on the EBITA of the borrower (could lower to 70 basis points or raise to 112 basis points). The proceeds of this loan were used by the borrower to refinances a USD 250 million five year amortizing facility arranged by DBS and Standard Chartered in November 2006, a USD 650 million loan signed in October 2005, and some peso medium term note. Bank of China's contribution is captured via project ID #97869. CITIC Bank International's contribution is captured via project ID #97870. Other members of the syndicate include bookrunners Calyon, DBS and Mizuho; mandated lead arrangers ANZ, Banco de Oro, Bank of Tokyo-Mitsubishi UFJ, BPI Capital, Citic Kahwa (now China CITIC Bank), Maybank, Mega International Commercial Bank, Sumitomo Mitsui Banking Corp and Unicredit Group; lead arrangers Aozora Bank, Bank of China, Citigroup, HSBC. Land Bank of Philippines and Rizal Commercial Banking Corporation; and arrangers Cathay United Bank, Chinatrust Commercial Bank, E Sun Bank, Standard Chartered and Taiwan Cooperative Bank. ABN Amro is a manager.

Additional details

1. AidData has calculated the interest rate for this facility using the starting rate of LIBOR plus 85 basis points. The rate was calculated using the 6-month LIBOR for September 2007 (5.365% + 0.85% = 6.215%). For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2007.aspx 2. AidData is unable to ascertain the individual contributions made by each member of the syndicate to the facility, therefore equal contributions from each lender have been assumed (1.2 billion/23 = 52.174 million).

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