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Overview

Bank of China contributes USD 9 million to syndicated term loan to YTL Utilities Finance Two for unspecified purposes

Commitments (Constant USD, 2023)$18,933,627
Commitment Year•2004Country of Activity•MalaysiaDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 4, 2004
Last repayment (originally scheduled)
Nov 4, 2007

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

  • Bank of East Asia Limited (BEA)
  • BNP Paribas S.A.
  • DBS Bank Ltd.
  • Dresdner Kleinwort
  • Malayan Banking Berhad (Maybank)
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Royal Bank of Scotland
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Trust Bank, Limited (SMTB)

Receiving agencies

Private Sector

  • YTL Power International Berhad (YTL Power)
  • YTL Utilities Finance Two (YTLUF2)

Guarantors

Private Sector

  • YTL Power International Berhad (YTL Power)

Loan description

Bank of China contributes to USD 250 million syndicated term loan to YTL Utilities Finance 2 Limited

Grant element•9.1863%Interest rate (t₀)•2.825%Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On November 4, 2004, a group of banks -- including Bank of China -- signed an agreement to provide a USD 250 million syndicated term loan to YTL Utilities Finance 2 Limited (YTLUF2), a Cayman Islands-incorporated majority-owned subsidiary of Malaysian electric power company YTL Corporation Berhad. Bank of China contributed USD 9 million to the facility. The facility carries a maturity of three years and an interest rate of LIBOR plus 47.5 basis points. The loan is unsecured and guaranteed by YTL Power International Berhad (YTLPI). The loan was novated by YTLUF2 to YTLPI on October 7, 2005, of which USD 80 million was prepaid in 2006. Proceeds from the facility will be used for unspecified purposes. Other members of the syndicate and their contributions include mandated arranger Dresdner Kleinwort (USD 25 million), DBS Bank (USD 32 million), BNP Paribas and SMBC (USD 30 million each), Royal Bank of Scotland (USD 28.5 million), Mizuho Corporate Bank (USD 25 million), Maybank and OCBC (USD 20 million each), Bank of East Asia and SMTB (USD 9 million each).

Staff comments

1. AidData has calculated the interest rate for this loan using the 6-month LIBOR from November 2004 (2.5%). For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2004.aspx