Bank of China contributes ¥350m to a syndicated loan to Total Access Communication in 2006 (linked to project #98415)

On September 26, 2006, a $156 million USD syndicated loan to Total Access Communication (DTAC) was signed. The loan is split between two five-year tranches of Bt2bn ($53m) and ¥12bn ($102m) and was slightly oversubscribed despite what rival bankers said was very tight pricing with the yen tranche offering an interest rate of 1.096% plus fees of 0.12% at the top level of syndication. The local currency tranche was funded by Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, and Standard Chartered, with the latter providing Bt480m ($12.8m) and the two Japanese banks taking Bt760m ($20.2m) each. A total of 10 lenders committed to the yen tranche, with the mandated lead arrangers scaling back their commitments slightly. Mizuho held ¥2.13bn, while Sumitomo Trust & Banking took ¥2.1bn as a lead arranger. BayernLB took ¥1.7bn at the same level. Cathay United Bank, DZ Bank, Mega International Commercial Bank, and Nordea Bank took ¥1.095. Standard Chartered held ¥840m, while Export-Import Bank of China took ¥500m (project ID 98415)and Bank of China ¥350m (project ID 98416). This loan was signed after the coup in Thailand; the loan signing was delayed a day due to the coup but all lenders committed their contributions. TPI needed to raise funds to repay obligations under its debt restructuring program.

Additional details

1. Aiddata calculates the interest rate by adding the LIBOR rate and base points. Yen tranche: Yen LIBOR plus a margin of 46.5 basis points plus fees of 12bp at the top level of syndication (JPY LIBOR 6-month rate in September 2006=0.631% + 46.5 basis points=0.465% for a total interest rate of 1.096%).

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