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Overview

Bank of China contributes to USD 250 million syndicated bridging loan facility to PT SMI to support business operations

Commitments (Constant USD, 2023)$51,586,691
Commitment Year•2020Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 20, 2020
Last repayment (originally scheduled)
Sep 18, 2020

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

  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • PT CTBC Bank Indonesia
  • Standard Chartered Bank PLC
  • United Overseas Bank Indonesia (UOB Indonesia)

Receiving agencies

State-owned companies

  • PT Sarana Multi Infrastruktur (Persero) (PT SMI)

Loan description

Bank of China contributions to 250 million USD syndicated loan to PT SMI for business operations

Interest type•UnknownMaturity•0.5 years

Narrative

Full Description

Project narrative

On March 20, 2020, a group of five banks -- including Bank of China, Jakarta branch -- signed a USD 250 million syndicated bridging loan facility with PT Sarana Multi Infrastruktur (Persero) (PT SMI), a special mission vehicle under the Indonesian Ministry of Finance responsible for financing and preparing infrastructure projects. The facility has a six month maturity and carries an interest rate of LIBOR plus an unknown margin. Proceeds from the facility will be used to support PT SMI's operations until the company's syndication of a new USD-denominated loan facility. As of June 30, 2020, USD 249.98 million was outstanding. The loan was repaid in full at some point in 2020. MUFG served as coordinator for the facility. Joining the syndicate was UOB Indonesia, Standard Chartered Bank (Jakarta), Bank CTBC Indonesia, and Bank of China (Jakarta branch).

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facility by each member of the syndicate, therefore equal contributions from each lender have been assumed (250/5). 2. Given the facility's non-exclusion from future financial statements and PT SMI's successful syndication of a new, USD 700 million facility in September 2020, AidData has assumed that the bridge facility was repaid in full at some point during 2020.