Bank of China contributes $82,142,857.10 USD to a $575 million USD syndicated loan to Trans Retail Indonesia in 2017 (Linked to Project ID#66265, 98675, 98657, 98656)

In 2017, Bank of China contributed $82,142,857.10 USD to a $575 million USD syndicated loan to Trans Retail Indonesia, previously known as Carrefour Indonesia. Trans Retail is the retail arm of CT Corp, whose businesses include media, finance and natural resources. The loan carried a maturity period of five years and an interest rate of 4.975% (LIBOR + a margin of 350 basis points) with all-ins from 369 bps to 380 bps. Lead banks in the syndicate included Bank of China, Industrial and Commercial Bank of China, BNP Paribas, CTBC Bank, Deutsche Bank, Maybank and Sumitomo Mitsui Banking Corp (SMBC). The group of lenders pre-funded the money in late January and now have asked retail banks to join the facility with four levels of participation on offer. Mandated lead arrangers committing a minimum of $40 million earn 120bp in fees for 380bp all-in, lead arrangers committing $30 million - $39 million earn 105bp for 376bp all-in, arrangers committing $20 million - $29 million earn 90bp for 373bp all-in and lead managers committing $10 million - $19 million earn 75bp for 369bp all-in. The deadline for commitments was March 17, 2017 and interested lenders were instructed to attend bank presentations in Singapore on February 14 and Taipei on February 16. A site visit was also organized in Jakarta on February 21, 2017. However, other bank commitments to this syndicate have yet to be confirmed. ICBC’s contribution to this loan is captured in Project ID#66265. In 2020, this loan was refinanced through Trans Retail’s launch of a dual-currency syndicated deal. The details of this refinancing are captured in Project ID#98675, 98657, 98656.

Additional details

1. Because Bank of China, Industrial and Commercial Bank of China, BNP Paribas, CTBC Bank, Deutsche Bank, Maybank and Sumitomo Mitsui Banking Corp (SMBC) all contributed an unknown amount to this syndicated loan, AidData assumes each lender made an equal contribution. The total value of the loan is $575 million USD, with each lender contributing an estimated USD 82,142,857.10 (USD 575,000,000.00 / 7 known contributors = USD 82,142,857.10). 2. This loan carried a 4.975% interest rate (AidData calculated the interest rate as follows: 1.475% [average 6-month LIBOR in 2017] + 3.5% [350 basis points] = 4.975%).

Number of official sources

0

Number of total sources

3