Bank of China contributes $15 million USD to a $300 million USD syndicated loan for the Development Bank of the Philippines for general corporate purposes

In March 2016, a syndicate of 20 banks — including the Bank of China (BOC) — entered into a $300 million USD syndicated loan agreement with the Development Bank of the Philippines (DBP) — a Philippine state-owned development bank — for general corporate purposes. This loan carried a maturity period of three years, had a bullet repayment schedule, and carried an interest rate of LIBOR plus a margin of 90 basis points (bps). BOC contributed $15 million USD to the loan syndicate. In addition BOC, the following lenders contributed the respective amounts to the loan syndicate: Australia and New Zealand Banking Group (ANZ) ($25 million USD), ING Group ($25 million USD), Standard Chartered Bank ($25 million USD), Shinsei Bank ($25 million USD), Cathay United Bank ($22 million USD), Commerzbank ($22 million USD), Mizuho Bank ($22 million USD), Shizuoka Bank ($18 million USD), KDB Asia ($15 million USD), the Singapore Branch and the Overseas Business United of Hua Nan Commercial Bank (HNCB) ($15 million USD; $7.5 million USD for each unit), Mega International Commercial Bank ($15 million USD), Export-Import Bank of the Republic of China ($8.5 million USD), The Hyakugo Bank ($8.5 million USD), Sumitomo Mitsui Trust Bank (SMTB) ($8.5 million USD), Taiwan Cooperative Bank ($8.5 million USD), 77 Bank ($8.5 million USD), Chiba Bank ($4.5 million USD), Fuyo General Lease ($4.5 million USD), and Shanghai Commercial & Savings Bank (SCSB) ($4.5 million USD). ANZ, ING, and Standard Chartered served as original mandated lead arrangers and bookrunners. Shinsei, Cathay United, Commerzbank, and Mizuho joined in syndication as mandated lead arrangers and bookrunners. BOC, Shizuoka, KDB Asia, HNCB, and Mega International joined in syndication as mandated lead arrangers. Export-Import Bank of the Republic of China, Hyakugo, SMTB, Sumitomo Mitsui Trust Bank, Taiwan Cooperative, and 77 Bank joined in syndication as lead arrangers. Chiba, Fuyo General, and SCSB served as arrangers. General syndication was launched in mid-January 2016, and while it was oversubscribed, the loan was not increased.

Additional details

1. A 6-month LIBOR was assumed. The average 6-month LIBOR for March 2016 was 0.901%. Therefore, the interest rate has been coded as 0.901% + 0.9%, or 1.801%.

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Number of total sources

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