ICBC contributes to USD 500 million syndicated loan to Bangko Sentral ng Pilipinas for refinancing purposes (Linked to Project ID#98411)

In February 2003, a syndicate of twelve banks entered into a USD 500 million loan to Bangko Sentral ng Pilipinas for refinancing purposes. The original arrangers included Citibank/SSB (Citigroup), Crédit Lyonnais, HSBC, Industrial and Commercial Bank of China (ICBC), Sumitomo Mitsui Banking Corporation (SMBC), Tokyo-Mitsubishi International, and Mizuho Bank. Sub-writers included LBKiel, Bank of China, Land Bank of the Philippines. Metrobank, and KBC Bank. As of February 28, 2003, the loan was set to be launched into general syndication with responses due in mid-March. Borrowing terms included a maturity period of five years and an interest rate of LIBOR plus 233 basis points. This loan was meant to refinance a USD 500 million three-year term loan that was arranged by ABN Amro and completed in April 2000. It is unknown whether Chinese financing occurred in the original loan. ICBC's contribution is captured in Project ID#98410 and Bank of China's contribution is captured in Project ID#98411

Additional details

1. Since the individual contributions of the twelve known syndicate members are unknown, AidData assumes each lender contributed an equal amount (USD 41,666,666). 2. AidData has estimated the interest rate by adding 2.33% to the average six-month LIBOR in February 2003 (1.343%).

Number of official sources

0

Number of total sources

1