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

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.

Additional details

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%.

Number of official sources

0

Number of total sources

2