Bank of China contributes $10 million USD to $200 million USD syndicated loan for Rural Electrification Corporation for unspecified purposes

Between May 11 and 17, 2007, a syndicate of banks — including the Bank of China (BOC) — entered into a $200 million USD syndicated loan agreement with Rural Electrification Corporation Limited (now known as REC Limited) — an Indian company that finances and promotes power projects that is majority-owned by Indian central public undertaking Power Finance Corporation Limited (PFC), itself owned by India's Ministry of Power — for unspecified purposes. This loan carried a maturity period of five years, had a bullet repayment facility, and an interest rate of LIBOR plus a margin of 48 basis points (bps). BOC contributed $10 million USD to the loan as an arranger. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: DEPFA Bank ($66 million USD), Standard Chartered Bank ($33 million USD), Kommunalkredit International Bank ($22 million USD), BNP Paribas ($20 million USD), Bank of Taiwan ($10 million USD), the Export-Import Bank of the Republic of China ($6 million USD), Cathay United Bank ($5 million USD), Intesa Sanpaolo ($5 million USD), and Mega International Commercial Bank ($3 million USD). BNP Paribas and Standard Chartered Bank served as original mandated lead arrangers and bookrunners and pre-funded the deal. DEPFA Bank, DZ Bank, and Kommunalkredit International Bank served as mandated lead arrangers. BOC and Bank of Taiwan served as arrangers. Export-Import Bank of the Republic of China, Cathay United, Intesa Sanpaolo, and Mega International Commercial served as lead managers.

Additional details

1. A 6-month LIBOR was assumed. AidData has coded the interest rate 5.849% (AidData calculated the interest rate as follows: 5.369% [average 6-month LIBOR in May 2007] + 0.48% [48 basis points] = 5.849%).

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