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Overview

China Eximbank contributes $10 million USD to a $465 million USD syndicated loan to Hindustan Petroleum Corporation for unspecified purposes

Commitments (Constant USD, 2023)$11,364,971
Commitment Year•2011Country of Activity•IndiaDirect Recipient Country of Incorporation•IndiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 27, 2011
Last repayment
Sep 25, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • Bank of Nova Scotia (Scotiabank)
  • Chang Hwa Commercial Bank Limited
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • First Commercial Bank Limited
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • Jih Sun International Bank, Ltd. (JSIB)
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Taiwan Business Bank (TBB)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Banca Monte dei Paschi di Siena S.p.A. (MPS) (BMPS)
  • Bank of Taiwan
  • State Bank of India (SBI)
  • Taiwan Cooperative Bank

Receiving agencies

State-owned companies

  • Hindustan Petroleum Corporation Limited (HPCL)

Loan desecription

China Eximbank contribution to USD 465 million syndicated loan to Hindustan Petroleum Corporation for unspecified purposes

Grant element•15.7861%Interest rate (t₀)•2.172%Interest type•Fixed Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In late September 2011, a syndicate of 16 banks — including the Export-Import Bank of China — signed a $465 million USD syndicated loan agreement with Hindustan Petroleum Corporation (HPCL) — an Indian state-owned oil and gas company — for unspecified purposes. This loan carried a maturity period of five years and an interest rate of LIBOR plus a margin of 165 basis points. This loan was oversubscribed from its $300 million USD target during syndication. China Eximbank contributed $10 million USD. In addition to China Eximbank, the following lenders contributed the respective amounts to the loan syndicate: Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) ($100 million USD), Sumitomo Banking Corporation (SMBC) ($100 million USD), and State Bank of India (SBI) ($100 million USD), Abu Dhabi Commercial Bank PJSC (ADCB) ($25 million USD), Monte dei Paschi ($20 million USD), Nova Scotia Capital ($30 million USD), Taiwan Cooperative Bank ($15 million USD), Bank of Taiwan ($10 million USD), Chinatrust Commercial Bank ($10 million USD), First Commercial Bank Limited ($10 million USD), Jih Sun International Bank (JSIB) ($10 million USD), Mega International Commercial Bank ($10 million USD), Chang Hwa Commercial Bank ($5 million USD), Hua Nan Commercial Bank (HNCB) ($5 million USD), and Taiwan Business Bank (TBB) ($5 million USD). BTMU, SMBC, and SBI served as bookrunners and mandated lead arrangers. ADCB, Monte dei Paschi, and Nova Scotia Capital served as lead arrangers. China Eximbank, Taiwan Cooperative Bank, Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, JSIB, and Mega International Commercial Bank served as arrangers. Chang Hwa Commercial Bank, HNCB, and TBB served as lead managers.

Staff comments

1. A 6-Month LIBOR was assumed. The average 6-Month LIBOR rate for September 2011 was 0.522%. Therefore, the interest rate has been coded as 0.522% + 1.65% (165 basis points), or 2.172%. 2. "Hindustan attracts 13 lenders, raises $465m", which was published on October 4, 2011, states the loan signed the previous week; therefore, AidData has coded the commitment date as September 27, 2011, albeit with the commitment_date_field_estimated? as True.