Bank of China contributes 6 million USD to a 165 million USD syndicated loan to PT Pan Brothers Tbk in January 2013 (Linked to Project ID#98338)
Commitment amount
$ 6768219.31313901
Adjusted commitment amount
$ 6768219.31
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
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 Project 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.
Additional details
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).
Number of official sources
0
Number of total sources
2
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Australia and New Zealand Banking Group (ANZ) [Private Sector]
HSBC [Private Sector]
United Overseas Bank Limited (UOB) [Private Sector]
Indonesia Eximbank [State-owned Bank]
Permata Bank [State-owned Bank]
Standard Chartered Bank PLC [Private Sector]
PT Bank CIMB Niaga Tbk [State-owned Bank]
Commonwealth Bank of Australia (CBA) (CommBank) [Private Sector]
ICBC Indonesia [State-owned Commercial Bank]
Banco Pan S.A. [Private Sector]
PT Bank Internasional Indonesia, Tbk. (BII) [State-owned Bank]
Bank of Taiwan [State-owned Bank]
Chang Hwa Commercial Bank Limited [Private Sector]
Cosmos Co-operative Bank Ltd. [Private Sector]
Land Bank of Taiwan Co., Ltd. (LBOT) [State-owned Bank]
Cathay United Bank [Private Sector]
E.SUN Commercial Bank, Ltd. [Private Sector]
Hua Nan Commercial Bank, Ltd. (HNCB) [Private Sector]
Mega International Commercial Bank Co., Ltd. [Private Sector]
Direct receiving agencies [Type]
PT Pan Brothers Tbk [Private Sector]
Loan Details
Maturity
4 years
Interest rate
1.00383%
Grant element (OECD Grant-Equiv)
15.0081%