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Overview

Bank of China contributes $18.14 million to $175 million syndicated loan to Indorent for general corporate and refinancing purposes

Commitments (Constant USD, 2023)$18,715,652
Commitment Year•2020Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•Hong Kong (China)Sector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020
Last repayment (originally scheduled)
Dec 31, 2023

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)
  • Bank of Panhsin (BOP) (formerly Panchiao Credit Cooperatives (PCC))
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • DBS Bank Ltd.
  • Malayan Banking Berhad (Maybank)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • PT Bank CIMB Niaga Tbk
  • PT Bank Permata Tbk
  • PT Bank Woori Saudara Indonesia 1906 Tbk
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Taishin International Bank (Taishin Bank)
  • The Shanghai Commercial & Savings Bank, Ltd. (SCSB)

Receiving agencies

Private Sector

  • PT CSM Corporatama (Indorent)

Loan description

BOC contributions to 175 million USD syndicated loan to Indorent for general corporate and refinancing purposes

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

In January 2020, a syndicate of 13 banks — including the Hong Kong Branch of the Bank of China (BOC) — entered into a $175 million USD syndicated loan agreement with CSM Corporatama (Indorent) — an Indonesian automobile company and the car rental business under Indomobil Group — for general corporate and refinancing purposes. This loan carried a maturity period of four years and an average life of 2.8 years. The proceeds were to be used by the borrower for general corporate purposes and refinancing purposes. The Hong Kong Branch of BOC contributed $18.14 million USD to the loan syndicate. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: DBS Bank ($18.16 million USD), Bank CIMB Niaga ($18.14 million USD), CTBC Bank ($18.14 million USD), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($18.14 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($18.14 million USD), Taishin International Bank ($18.14 million USD), Bank Maybank Indonesia ($15 million USD), Bank of East Asia (BEA) ($10 million USD), Bank Woori Saudara Indonesia 1906 ($8 million USD), Bank of Panhsin ($5 million USD), Bank Permata ($5 million USD), and Shanghai Commercial and Savings Bank (SCSB) ($5 million USD). BOC, DBS, CIMB, CTBC, OCBC, SMBC, and Taishin served as mandated lead arrangers, bookrunners, and underwriters. Maybank, BEA, Woori, Panhsin, Permata, and SCSB joined in syndication. The launch was launched in general syndication in November 2019 with an initial size of $129 million USD but was oversubscribed in syndication.