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Overview

Bank of China contributes 6 million USD to a 165 million USD syndicated loan to PT Pan Brothers Tbk in January 2013 (Linked to Record ID#98338)

Commitments (Constant USD, 2023)$6,203,828
Commitment Year•2013Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2013
Last repayment (originally scheduled)
Dec 31, 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 Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Banco Pan S.A.
  • Cathay United Bank
  • Chang Hwa Commercial Bank Limited
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Cosmos Co-operative Bank Ltd.
  • E.SUN Commercial Bank, Ltd.
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Permata Bank
  • PT Bank CIMB Niaga Tbk
  • Standard Chartered Bank PLC
  • United Overseas Bank Limited (UOB)

State-owned Banks

  • Bank of Taiwan
  • Indonesia Eximbank
  • Land Bank of Taiwan Co., Ltd. (LBOT)
  • PT Bank Internasional Indonesia, Tbk. (BII)

State-owned Commercial Banks

  • PT Bank ICBC Indonesia

Receiving agencies

Private Sector

  • PT Pan Brothers Tbk

Loan description

ICBC and BOC contributions to 165 million USD syndicated loan to PT Pan Brothers Tbk for capital expenditure and refinancing

Grant element•15.0081%Interest rate (t₀)•1.00383%Interest type•Fixed Interest RateMaturity•4 years

Narrative

Full Description

Project narrative

In January 2013, the Bank of China contributed 6 million USD to a 165 million USD syndicated loan to PT Pan Brothers Tbk, an Indonesian clothing company. A total of 20 banks participated in the loan. The Australia and New Zealand Bank, HSBC, and United Overseas Bank acted as book runners. Other banks involved, and their respective USD contributions, were the Indonesia Eximbank (15 million), Permata (10 million), Standard Chartered (10 million), CIMB Niaga (7 million), Commonwealth Bank (7 million), Cathay United Bank (6 million), Banco Pan (5 million), Bank Internasional Indonesia (5 million), ICBC Indonesia (5 million), and the Mega International Commercial Bank (5 million). The remaining amount was split between the Bank of Taiwan, Chang Hwa Bank, Cosmos Co-operative Bank, E.Sun Commercial Bank, Hua Nan Bank, and Land Bank of Taiwan. The ICBC Indonesia contribution is captured in Record ID#98338. The syndicate loan consists of 15 million USD term loan commitment and a 150 million USD revolving credit commitment. The term loan has a maturity period of five years and an interest rate of TAIBOR plus a margin of 425 basis points. The revolver has a maturity period of three years and an interest rate of TAIBOR plus a margin of 375 basis points. AidData codes the both maturity period and interest rate as averages. The proceeds of the loan will be used by Pan Brothers for capital expenditure and to refinance an existing loan.

Staff comments

1) While ICBC and BOC's contributions are known to the entire loan, the breakdown of their contributions to each tranche, if applicable, is unknown. For now, AidData has assumed each lender contributed to both tranches equally: ICBC contributing 50% of 5 million to each, and BOC contributing 50% of 6 million to each. To calculate the maturity period, AidData has taken the average of the maturity periods of the term loan commitment and the revolving credit [(5 + 3) / 2) = 4] and has coded this as the maturity period for this record. To calculate the interest rate, AidData has taken the average of the interest rates of the term loan and the revolver (1.00383).