Bank of China’s HCMC Branch contributes $8 million USD to $58 million USD syndicated loan for Vietnam National Coal and Mineral Industries Group (Vinacomin) in September 2008
Commitment amount
$ 12196687.375592407
Adjusted commitment amount
$ 12196687.38
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Vietnam
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On September 16, 2008, foreign banks led by Standard Chartered signed an agreement providing a $58 million USD syndicated loan to Vietnam National Coal and Mineral Industries Group (Vinacomin). The foreign lenders in the deal include Cathay United Bank’s Chu Lai branch, Malayan Banking Berhad, and Bank of China’s HCMC branch. Standard Chartered Bank serves as a lead arranger and bookrunner, facility agent, security agent and paying agent. Standard Chartered Bank and Cathay United Bank each contributed $20 million USD, Malayan Banking Berhad contributed $10 million USD and Bank of China provided $8 million USD. This loan carried a maturity period of seven years, with two years of expansion, and an interest rate of 1.8% per annum. The loan was secured. The proceeds of loan will be used to finance Vinacomin’s capital expenditure requirements.
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Standard Chartered Bank PLC [Private Sector]
Malayan Banking Berhad (Maybank) [Private Sector]
Cathay United Bank [Private Sector]
Direct receiving agencies [Type]
Vietnam National Coal - Mineral Industries Group (Vinacomin) [State-owned Company]
Security agent/Collateral agent [Type]
Standard Chartered Bank PLC [Private Sector]
Loan Details
Maturity
7 years
Interest rate
1.8%
Grace period
2 years
Grant element (OECD Grant-Equiv)
25.0721%