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

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. Among the lead banks, DBS Bank retained $18.16m on its books, while the other six — , Bank CIMB Niaga, CTBC Bank, OCBC Bank, Sumitomo Mitsui Banking Corp and Taishin International Bank — kept $18.14m each. Six lenders joined during syndication. Bank Maybank Indonesia took the largest allocation of $15m. Bank of East Asia and Bank Woori Saudara Indonesia 1906 took $10m and $8m, respectively. Bank of Panhsin, Bank Permata and Shanghai Commercial and Savings Bank were allocated $5m each.

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