Bank of China contributes SGD 150 million to SGD 680 million syndicated dual-tranche facility to OUE to fund the IPO of its commercial real estate investment trust and for working capital purposes

Project narrative

In April 2014, a group of banks -- including Bank of China -- reached financial close on a SGD 680 million dual-tranche syndicated loan facility to Overseas Universal Enterprise to finance the initial public offering of the company's commercial trust and for working capital purposes. The facility consists of two tranches: a SGD 580 million two-year term loan and a SGD 100 million three-year revolving credit facility, which have a blended margin of 71 basis points over the Singapore Swap Offer Rate (SOR). The proceeds will be used to finance the initial public offering of the trust, which is comprised of two assets: OUE Bayfront Property in Singapore and the Lippo Plaza Property in Shanghai. The SGD 680 million from this facility was used to help finance the fund's offering for the Singapore property. The other four members of the syndicate were OCBC (SGD 146 million), Standard Chartered (SGD 146 million), ANZ Bank (SGD 132.5 million), and CIMB Bank (SGD 105.5 million).