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Overview

Bank of China contributes $6.75 million to a $200 million syndicated loan to Thai Oil Public Company for refinancing and general corporate purposes

Commitments (Constant USD, 2023)$7,671,356
Commitment Year•2011Country of Activity•ThailandDirect Recipient Country of Incorporation•ThailandSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 24, 2011
Last repayment (originally scheduled)
Mar 22, 2016

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

  • Cathay United Bank
  • Chang Hwa Commercial Bank Limited
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Bank of Taiwan
  • Export-Import Bank of the Republic of China, Taipei

Receiving agencies

State-owned companies

  • Thai Oil Public Company Limited

Loan description

BOC contributions to USD 200 million syndicated revolver loan to Thai Oil Public Company for refinancing and general corporate purposes

Grant element•17.1214%Interest rate (t₀)•1.53%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

Between March 18 and 24, 2011, a syndicate of 10 banks — including the Bank of China (BOC) — signed a $200 million USD syndicated revolver loan with Thai Oil Public Company Limited — a Thai oil refiner majority-owned by of Thai state-owned oil and gas company PTT Public Company Limited — for refinancing and general corporate purposes. This loan carried a maturity period of five years and an interest rate of LIBOR plus a margin of 107 basis points (bps). The proceeds were to be used by the borrower for refinancing and general corporate purpose. BOC contributed $6.75 million USD. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($50 million USD), Mizuho Bank ($50 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($50 million USD), Mega International Commercial Bank ($11 million USD), Cathay United Bank ($8 million USD), Bank of Taiwan ($6.25 million USD), Chang Hwa Commercial Bank ($6 million USD), the Export-Import Bank of the Republic of China ($6 million USD), and Hua Nan Commercial Bank ($6 million USD). BTMU, Mizuho, and SMBC served as original bookrunners and mandated lead arrangers. Mega International served as lead arranger. BOC, Bank of Taiwan, Cathay United, Chang Hwa, Export-Import Bank of the Republic of China, and HNCB served as arrangers. Syndication for the remaining $50 million USD was launched in January 2011 and was closed in late March 2011.

Staff comments

1. A 6-month LIBOR was assumed. The average 6-month LIBOR for March 2011 was 0.461%. Therefore, the interest rate has been coded as 0.461% + 1.07% (107 basis points), or 1.531%.