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Overview

Bank of China contributes to a $600 million USD syndicated loan to United Telecommunications in 2017

Commitments (Constant USD, 2023)$25,539,033
Commitment Year•2017Country of Activity•OmanDirect Recipient Country of Incorporation•OmanSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2017
Last repayment (originally scheduled)
Jun 30, 2022

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

  • Banca IMI S.P.A.
  • Citigroup Inc.
  • Kuwait Finance House (KFH)
  • Taichung Commercial Bank
  • Taiwan Business Bank (TBB)

State-owned Banks

  • Bank of Taiwan
  • Korea Development Bank (KDB)
  • National Bank of Abu Dhabi PJSC (NBA)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • United Telecommunications

Loan description

Bank of China contributes to USD 600 million syndicated loan to United Telecommunications in 2017

Interest rate (t₀)•3.618%Interest type•Fixed Interest RateMaturity•5.25 years

Narrative

Full Description

Project narrative

In late April 2017, a $600 million USD syndicated loan to United Telecommunications (a subsidiary of the state-owned Oman Investment Fund) was signed. The facility, which comprises a $450m conventional tranche and a $150m Murabaha loan, will be used to finance the acquisition of a 51% stake in Oman Telecommunications. The interest rate was 3.618%. There were 25 lenders in total, 16 of which were Asian. Banca Imi, Citigroup, Kuwait Finance House and National Bank of Abu Dhabi were mandated lead arrangers and book runners on the deal. Bank of China, Korea Development Bank, Bank of Taiwan, Taichung Commercial Bank, and Taiwan Business Bank were among the Asian lenders.

Staff comments

1. Aiddata calculates the interest rate from LIBOR plus a margin of 230 bps by adding the 6-month USD LIBOR rate in April 2007 (1.318%) + basis points (2.3%) = 3.618% 2. Since no further information was found, Aiddata estimates the transaction amount by assuming each lender contributed equally at $24,000,000