ICBC (Asia) contributes $5 million USD to $150 million USD syndicated loan to SM Prime Holdings in the Philippines in September 2004 (Linked to Project ID#98243 and Project ID#98245)
Commitment amount
$ 11388260.609433182
Adjusted commitment amount
$ 11388260.61
Constant 2021 USD
Summary
Funding agency [Type]
ICBC Asia [State-owned Commercial Bank]
Recipient
Philippines
Sector
Unallocated/unspecified (Code: 998)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On September 24, 2004, a $150 million syndicated term loan for SM Prime Holdings in the Philippines was signed. This dual-tranche loan carried a five year maturity period and an interest rate of 3.788% (average 6-month LIBOR in September 2004+ 171 basis points = 2.078 + 1.71% = 3.788%). The proceeds of the loan will be used for unspecified purposes. Mandated arrangers in the syndicate include ABN Amro contributing $22 million, ING Bank contributing $10 million, and Standard Chartered Bank contributing $20 million. Arrangers include HVB Corporates & Markets and International Commercial Bank of China (Singapore), lending $16 million each, and Bank of China and Oversea-Chinese Banking Corporation contributing $14 million each. KBC Bank (Manila) joined as a co-arranger with an $8 million commitment while lead manager Taiwan Cooperative Bank contributed $7 million. The managers of the loan are Chiao Tung Bank, ICBC (Asia), NordLB (Singapore) and Sumitomo Mitsui Banking Corporation. Each contributed $5 million. Cathay United Bank also joined as a manager and pledged $3 million. Bank of China’s $14 million USD contribution to the syndicated loan is captured in Project ID#98243. ICBC Asia's $5 million USD contribution is captured in Project ID#98244. ICBC Singapore’s $16 million USD contribution is captured in Project ID#98245.
Additional details
1. This loan carried a 3.788% interest rate (AidData calculated the interest rate as follows: 2.078% [average 6-month LIBOR in September 2004] + 1.71% [171 basis points] = 3.788%).
Number of official sources
0
Number of total sources
2
Details
Cofinanced
Yes
Cofinancing agencies [Type]
ABN AMRO Bank [Private Sector]
ING Bank N.V. [Private Sector]
Standard Chartered Bank PLC [Private Sector]
HypoVereinsbank (HVB) [Private Sector]
Industrial and Commercial Bank of China (ICBC) (Singapore branch) [State-owned Commercial Bank]
Oversea-Chinese Banking Corporation, Limited (OCBC Bank) [Private Sector]
Kredietbank ABB Insurance CERA Bank (KBC) [Private Sector]
Taiwan Cooperative Bank [State-owned Bank]
Chiao Tung Bank Company Ltd. [Miscellaneous Agency Type]
Norddeutsche Landesbank Girozentrale (NORD/LB) [State-owned Bank]
Sumitomo Mitsui Banking Corporation [Private Sector]
Bank of China (BOC) [State-owned Commercial Bank]
Cathay United Bank [Private Sector]
Direct receiving agencies [Type]
SM Prime Holdings, Inc. [State-owned Company]
Loan Details
Maturity
5 years
Interest rate
3.788%
Grant element (OECD Grant-Equiv)
6.7781%